11. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was overstated by $ 30,000. What is the balance of retained earnings as of 31/12/2018 if you know that retained earnings balance as of 01/01/2018 was $200,000, net income for the year 2018 was $150,000? * (3 Points) $ 420,000 $360,000 $ 340,000 $ 280,000