During 2014, Paul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts 2012 2013 $60,000 understated $75,000 overstated Paul uses the periodic inventory system. Prior to any adjustments for these errors and ignoring income taxes, Paul's retained earnings at December 31, 2014, would be: Select one: O a. Correct O b. $15,000 overstated Oc $75,000 overstated Od. $135,000 overstated O e. $15,000 understated