Cold Ltd had the following transactions and events occur in the year ended 30 June 2021:

• paid an interim dividend of $8,000
• paid the 30 June 2020 final dividend declared of $12,000
• transferred $15,000 from the asset revaluation reserve to the general reserve
• closed loss for the year of $9,000

Assuming the balance in retained earnings on 1 July 2020 was $68,000, Cold Ltd should report a balance for retained earnings in the statement of financial position for the year end 30 June 2021 of:

a.

$24,000.

b.

$69,000.

c.

$51,000.

d.

$39,000.