Larry's Lumber sells lumber and general building supplies to building contractors. Larry's net income is budgeted to be $93,500 in December. There are no budgeted dividends to be paid. Statement of Financial Position November 30 Assets Cash Accounts receivable (net of allowance for uncollectible accounts) Inventory Property, plant and equipment (net of $495,000 accumulated depreciation) Total assets $19,900 84,700 101,907 972,000 $1,178,507 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $261,300 798,000 119,207 $1,178,507 The retained earnings at the end of December would be: a. $119,207 b. $25,707 c. ($48,593) d. $212,707