On January 1, 2016, Grover Inc., started the year with a $22,000 credit balance in its retained earnings account. During 2016, the company earned net income of $40,000 and declared and paid dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. Therefore, the balance in retained earnings on December 31, 2016, would be

Group of answer choices

- None of these is correct

-$57,000

-$52,000

-$67,000

-$42,000