The following information was taken from the records of H. Potter Corporation for the month ended December 31, 2016. Advertising expense $39, 200 Income tax expense 28,000 Accounts payable 24, 800 Dividends paid 28, 250 Retained earnings (Jan. 1, 2016) 114, 820 Consulting fees revenue 200,000 Rent expense 22, 500 Supplies expense 34, 700 Given the above Information, net income for the year is: Select one. $75, 600 $88, 560 $70, 620 $34, 120