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Colfax Corporation had a Retained Earnings balance on January 1, 20x7, of $720,000; declared cash dividends during 20x7 in the amount of $100,000 of

Colfax Corporation had a Retained Earnings balance on January 1, 20x7, of $720,000; declared cash dividends during 20x7 in the amount of $100,000 of which $30,000 were not paid until 20x8; and reported an ending balance of Retained Earnings of $1,020,000. Based on these facts alone, net income for 20x7 for Colfax Corporation must have been

$140,000
$300,000
$370,000
$400,000

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