12. In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was understated 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) $ 340,000 $ 360,000 $ 280,000 $ 420,000