Meadville, Inc $\bullet$ Received $80,000 from Shareholders as Initial Investments $\bullet$ Received Cash of $90,000 for Services Performed During January

Meadville, Inc. began operations during 2010. During January of 2010, the following transactions occurred:
$\bullet$ Received $80,000 from shareholders as initial investments
$\bullet$ Received cash of $90,000 for services performed during January
$\bullet$ Billed customers an additional $12,300 for services performed during January
$\bullet$ Borrowed $11,500 from Regions Bank Company, and signed a one-year note payable
$\bullet$ Paid rent in the amount of $4,925 for January
$\bullet$ Paid dividends in January amounting to $8,000
$\bullet$ Paid wages equal to $33,220 for January
How much Net Income should Meadville, Inc. report for January?
a. $119,655
b. $64,155
c. $131,155
d. $51,155