Use the following information to answer questions 16-17

Retained earnings at the beginning of the year was $50. During the year the company declared and paid dividends of $10, had revenues of $300, expenses of $240, capital expenditures of $30, paid-in-capital increased by $25 and debt increased by $40. There were no other transactions affecting equity during the year.

______16) What was net income for the year?

A. $20 B. $30 C. $60 D. some other amount

______17) What is the ending balance of retained earnings?

A. $50 B. $100 C. $90 D. some other amount