The Following Is Selected Information from Jamison Corporation for the Fiscal

Multiple Choice

The following is selected information from Jamison Corporation for the fiscal year ending December 31, 2022. $\begin{array}{lr}\text { Cash received from customers } & \$ 300,000 \\\text { Revenue recognized } & 470,000 \\\text { Cash paid for expenses } & 280,000 \\\text { Cash paid for computers on January 2 (annual depreciation is } \$ 15,000 \text { ) } & 60,000 \\\text { Expenses incurred (excluding any depreciation) } & 290,000 \\\text { Proceeds from bank loan } & 100,000 \\\text { Owner drawings } & 50,000\end{array}$ What is Jamison Corporation's net income for the year ending December 31, 2022?

A) $15,000.
B) $165,000.
C) $205,000.
D) $265,000.