The following information was taken from the records of Valentine Corporation for the year ended December 31, 2016.

Advertising expense$40,000

Income tax expense26,000

Accounts payable26,900

Dividends paid30,000

Retained earnings (Jan 1, 2016)115,720

Consulting fees revenue200,000

Rent expense23,400

Supplies expense33,800

The net income reported by Valentine Corporation for the year ended December 31, 2016 was:

Question 5 options:

A)

$102,800

B)

$ 72,800

C)

$ 76,800

D)

$ 49,900