The following information was taken from the records of Valentine Corporation for the year ended December 31, 20 Advertising expense $37,000 Income tax expense 23,000 Accounts payable 31,500 Dividends paid 20,000 Retained earnings (Jan 1, 2016) 126,820 Consulting fees revenue 320,000 Rent expense 34,500 Supplies expense 45,400 The net income reported by Valentine Corporation for the year ended December 31, 2018 was: Select one: a. $180,100 b. $182,500 c. $175,100 d. $192,300