20.

21 / 22.

The Treasury Bank Corporation had retained earnings at the end of December 31, 2010 of $456,000. During 2011, the company had net Income of $176,000 and declared dividends of $20,600. Retained earnings on the balance sheet as of December 31, 2011 will be: $435.400. O $632,000. O $652,600 O $652.600 o $611,4()() O $611400