c-1. Determine the Retained Earnings account balance at December 31, 2018. Retained earnings c-2. Which of the following statement(s) is true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Net income does not include revenue of the current year. 7 Retained earnings does not include current year net income, but only the balance from previous years. Retained earnings not only includes current year net income, but also the balance from previous years and reductions for dividends.) ? Retained earnings does not include the balance from previous years, but only the reductions for dividends. ? Net income only includes revenues and expenses for the current year.