On January 1, 2020, Rooster Corporation had retained earnings of $6,500. During 2020, Rooster reported net income of $1.050 and declared dividends of $450. What is the amount of Rooster's retained earnings at the end of 2020? a. None b. $6,950 c. $5,000 d. $7,550 Which of the following is not true? When using the accounting equation to analyze and record transactions (template approach) a. The effects to the asset side must be equal to the effects on the liabilities and shareholders' equity side. b. Each line must balance. c. Every transaction must affect at least two accounts d. Sales revenue decreases retained earnings