At the beginning of 2014, Mask Ltd. had a Retained Earnings balance of $31,860. For the next three years, the firm reported the following net income (loss) and cash dividends declared and paid:

Year:	Net Income (loss):	Cash Dividends:
2014	$9,040	$425
2015	$16,850	$1,220
2016	($3,895)	$0

What would be the balance of Retained Earnings reported on the year-end balance sheet as of 12/31/2016?

a. $60,000

b. $52,210

c. $53,855

d. $55,500

e. $27,965