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

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The Answer of 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

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