Following Is the Summary of the Balance Sheet of AWR

Multiple Choice

Following is the summary of the balance sheet of AWR Company: $$\begin{array} { l c c } & \text { Total Assets } & \text { Total Liabilities } \\\text { Beginning of the year } & \$ 250,000 & \$ 180,000 \\\text { End of the year } & \$ 500,000 & \$ 370,000\end{array}$$ Determine the net income (or loss) for the year, assuming no common stock was issued and no dividends were paid during the year?

A) $70,000
B) $200,000
C) $60,000
D) $130,000