Lakeview Industries had sales of $7 million and net income of $2 million in 2012. Lakeview paid a dividend of $1.5 million. Assuming that their beginning balance for retained earnings on the first day of 2012 was $4 million, calculate their ending balance for retained earnings. $3.5 million $ 4.5 million $ 0.5 million $ 6 million $9.5 million