23-25. The Lucas Company was started on January 1, 20X0 by a group of investors with a balance sheet of total assets of $16,000 and total liabilities of $10,000. Partial financial data for the first year of operations is as follows: At 12/31/XO, Total assets = $18,000; At 12/31/XO, total liabilities = $8,000; During XO. Additional investments by owners = $1,000; During XO, Cash dividends declared = $5,000. During XO, Cash dividends paid = $4,000. What was the retained earnings balance at January 1, 20x0? Question 24 1 pts Use the information for question # 23. What was the net income for the year 20X0? $4,000 $5,000 $6,000 $7.000 $8,000