Problem:
Wilton Corporation had beginning retained earnings of $724,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. No dividends were paid. What was Wilton's net income for the year?
A. $156,000
B. $131,000
C. $109,000
D. $62,000
Please describe in detail and provide step by step solution.