Gatto Production Services Started the Year with Total Assets of $120,000

Gatto Production Services started the year with total assets of $120,000 and total liabilities of $65,000.The revenues and the expenses for the year amounted to $110,000 and $50,000,respectively.During the year,the company did not issue any common stock,but it distributed dividends of $70,000.Calculate Gatto's net income for the year.

A) $60,000
B) $110,000
C) $50,000
D) $120,000