The following is a summary of the balance sheet of LCF Company: Total Assets Total Liabilities Beginning of the year $250,000 $180,000 End of the year 500,000 370,000 Determine the net income (or loss) for the year, assuming $80,000 of common stock was issued and no dividends were paid during the year. a. $160,000 b. $(20,000) c. $140,000 d. $(60,000)