12. Noringa Products Corporation had common stock of $820,000 and retained earnings of $1,250,000 on January 1. During the year $75,000 of common stock was issued. Dividends of $48,000 were paid. For the year ended December 31, Moringa reported a net income of $287,500. What is the retained earnings balance on December 31? a. $335,500 b. S1,585,500 c. $2,405,500 d. $2,480,500