Shareholders of Augusta Corporation Have Received $35,000 in Dividends in the Current

Multiple Choice

Shareholders of Augusta Corporation have received $35,000 in dividends in the current year.At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000.If retained earnings at the beginning of the year was $80,000, what was Augusta's net income for the current year?

A) $80,000
B) $215,000
C) $55,000
D) $10,000
E) $45,000