The Peck Company reported the following items on its financial statements for the year ending December 31, 2010: Sales $1,560,000 Cost of Sales $1,400,000 Selling, general and administrative expense $40,000 Other Expense $30,000 Dividends $10,000 Income Tax Expense $25,000 The Income Statement for Peck Company will report Net Income for the current year in the amount of: a. $ 45,000 b. $ 65,000 c. $ 85,000 d. $ 465,000