Embassy Corporation reported Net Income of $15,000; Total Assets of $ 150,000 and Total Liabilities of $ 80,000 for the year 2008. In 2009 it was discovered that the company had failed to record deferred revenues of $23,000 that were earned in 2008. After accounting for this error, what are the corrected Net Income, Total Assets, and Liabilities for the year 2008?
a) Net Income: $15,000; Total Assets: $150,000; Total Liabilities: $103,000
b) Net Income: $38,000; Total Assets: $173,000; Total Liabilities: $80,000
c) Net Income: $38,000; Total Assets: $173,000; Total Liabilities: $103,000
d) Net Income: $15,000; Total Assets: $127,000; Total Liabilities: $103,000