The following financial information was summarized from the accounting records of Globe Corporation for the current year ended December 31: Northern Division Southern Division Corporate Total Cost of goods sold $310,000 $175,000 Direct operating expenses 250,000 115,000 Net sales 600,000 410,000 Interest expense $12,000 General overhead 101,000 Income tax 26,700 The net income for Globe Corporation is: a. $19,400. b. $160,000. c. $47,000. d. $59,000.