11) Larry's Lumber sells lumber and general building supplies to building contractors. Larry's net income is budgeted to be $93,500 in December. A dividend of $50,000 was declared and paid in December Statement of Financial Position November 30 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Inventory Property, plant and equipment (net of $495,000 accumulated depreciation) Total assets $19,900 84,700 101,907 972.000 $1,178,507 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $261,300 798,000 119,207 $1,178,507 The retained earnings at the end of December would be: a. $119,207 $162,707 1548,593) d. $212,707