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Question - The following information was taken from the records of Valentine Corporation for the year ended December 31, 2016.
Advertising expense $40,000
Income tax expense 26,000
Accounts payable 26,900
Dividends paid 30,000
Retained earnings (Jan 1, 2016) 115,720
Consulting fees revenue 200,000
Rent expense 23,400
Supplies expense 33,800
Compute the net income reported by Valentine Corporation for the year ended December 31, 2016?
A) $102,800
B) $72,800
C) $76,800
D) $49,900
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