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12. In late 2018 "company XYZ" discovered that sales revenues of 2016 was overstated by $ 40,000, What is the balance of retained earnings as of 31/12/2018 if you know that retained earnings balance as of 01/01/2018 was $200,000, net income for the year 2018 was $150,000? (2 Points) $ 390,000 $ 310,000 None of provided answers is correct $ 350,000