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Ullrich Printing Inc. paid out $21,750 of common dividends during the year. It ended the year with $165,000 of retained earnings versus the prior year's

Ullrich Printing Inc. paid out $21,750 of common dividends during the year. It ended the year with $165,000 of retained earnings versus the prior year's retained earnings of $132,250. How much net income did the firm earn during the year?

Select the correct answer.

a. $54,360

b. $54,430

c. $54,570

d. $54,500

e. $54,289

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