The following data relate to amounts reported by ABC Company for last year. ABC uses the accrual basis. Sales for cash $200,000 Sales for credit 220,000 Cost of inventory sold 180.000 Collections from customers 300,000 Purchases of inventory on credit 190,000 Payment for purchases 180,000 Selling expenses (accrual basis) 50,000 Payment for selling expenses 60,000 Which of the following represents the amount of net income ABC Company reported for the year? O $190,000 $180,000 none of the answers are correct $200,000