ABC Company had net income of $30,000 in 2020. They paid dividends in 2020 of $10,000. The company is in its third year of operations. Retained earnings on 1/1/2020 was $20,000. The retained earnings balance on 12/31/2020 is: $30,000 $60,000 O $40,000 O $50,000 D Question 26 2.5 pts Which of the following is true if a company records sales revenue: Olabilities will increase O common stock will increase O assets will increase o net income wil decrease