During a Year-End Evaluation of the Financial Records of the Gretchen

Multiple Choice

During a year-end evaluation of the financial records of the Gretchen Company for the year ended December 31, 2010, the following was discovered: Inventory on Januaty 1,2010, was understated by $\$ 6,000$ .
Invent ofy on December 31,2010 , was under st at ed by $\$ 18,000$ .
Rent of $\$ 20,000$ collected in advance on December 29,2010 , was included in income for 2010.
A probable, reasonably estimated contingent liability of $\$ 30,000$ was not recorded as of December 31,2010
Net income for 2010 (before any of the above items) was $100, 000.The corrected net income, ignoring income taxes, for 2010 should be

A) $50, 000
B) $58, 000
C) $62, 000
D) $68, 000