The following information related to Lama Co. for the year 2019. Owner's capital January 1 , 2019 $ 50,000 , owner's drawings during 2019 2,000 . Service revenue $ 7,000 , rent expense $ 4,600 , advertising expense $ 40,300 Utilities expense 220 . After analyzing the data an income statement is prepared and result :

A. Net income=\$ 38,12 B. Net loss = $ 38,120 C. Net loss=\$40,120 D. Vet income=\$40,120

The following information related to Lama Co. for the year 2019. Owner's capital, January 1, 2019 $50,000, owner's drawings during 2019 $2,000, Service revenue $7,000, rent expense $4,600, advertising expense $40,300 Utilities expense $220. After analyzing the data, an income statement is prepared and result: O A Net Income = $ 38,120 B. Net loss = $38,120 C. Net loss = $40,120 D. Net Income = $40,120