10 points Time Remaining 38 minutes 15 seconds00:38:15 Item 1Item 1 10 points Time Remaining 38 minutes 15 seconds00:38:15 The first year of operations for a company was Year 1. The net income for Year 1 was $21,500 and dividends of $12,750 were paid. In Year 2, the company reported net income of $35,500 and paid dividends of $5,750. At the end of Year 1, the company had total assets of $165,000. At the end of Year 2, the company had total assets of $ $255,000.

What was the amount of retained earnings at the end of Year 1?

a.19300

b.17900

c.21500

d.8750