NO.256 A company's retained earnings on Dec. 31st, 2009 to 2013 is as follows: 2009 2010 2011 2012 2013 Retained earnings $15,000 S18,000 S16,000 $21,000 $25,000 On the pro-forma income statement for 2014, the net income is $10,000. The expected dividends to be paid in 2014 is $3,500. What is the projected retained earnings on Dec. 31st, 2014? A. $15,000 B. $18,500 C. $31,500 D. $35,000