Native Dave's Consultants Had the Following Balance Sheet Amounts at the Beginning

Multiple Choice

Native Dave's Consultants had the following balance sheet amounts at the beginning of the year: $\begin{array}{lr}\text { Total assets } & \$ 400,000 \\\text { Total owner's equity } & 150,000\end{array}$ ? During the year, total assets increased by $100,000 and total liabilities increased by $40,000.The company also paid $30,000 in dividends.No other transactions occurred except revenues and expenses.How much is net income for the year?

A) $30,000
B) $60,000
C) $70,000
D) $90,000