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A company has a net income of $50,000 for the year ended December 31, 2019. During 2019, it declared and paid dividends of $12,000. The

A company has a net income of $50,000 for the year ended December 31, 2019. During 2019, it declared and paid dividends of $12,000. The ending balance in retained earnings at December 31, 2019 is $200,000. The balance in retained earnings at January 1, 2019 was:

A. $38,000

B. $162,000

C. $238,000

D. Cannot be determined with the information provided

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