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In late 2018 company XYZ discovered that sales revenues of 2016 was overstated by $ 40,000, and selling expenses was overstated by $ 30,000. What

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In late 2018 "company XYZ" discovered that "sales revenues" of 2016 was overstated by $ 40,000, and "selling expenses" was overstated by $ 30,000. 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? * (3 Points) $ 280,000 O $360,000 O $340,000 $ 420,000

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