13 Based on the following data, which of the following is not true? Rapterz Rule Inc. Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1, 2020 Net Income for 2020 $167,800 219,100 (36,400) Retained Earnings, December 31, 2020 $350,500 Dividends declared during 2020 Multiple Choice Retained earnings of $350,500 will appear on the Balance Sheet as of December 31, 2020. Retained earnings of $350,500 will appear on the Balance Sheet as of December 31, 2020. The net income in the statement came from the Income Statement for the year ended December 31, 2020. Dividends are shown in parenthesis because they are payments made by a company to its shareholders as a return on their investment. Retained earnings are the amount of distributions made to the shareholders since the company started