Athena Company is preparing a statement of stockholders' equity for $2023.$ On December $31,2023,$ Athena's retained earnings balance was $$175,000.$ During the year, Athena earned $$77,500$ of net income and declared dividends of $$17,500.$ Additionally, during the year Athena received $$22,500$ as an additional investment from its owners. What was the balance in Athena's retained earnings on January $1,2023?$

Multiple Choice

$$100,000$

$$95,000$

$$57,500$

$$115,000$