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Home Depot sells lumber and general building supplies to building contractors. Home Depot net income is budgeted to be $93,500 in December. A dividend of $50,000 was declared and paid in December. Statement of Financial Position November 30 Assets Cash $19,900 Accounts receivable (net of allowance for uncollectible accounts) 84,700 Inventory 101,907 Property, plant and equipment (net of $495,000 accumulated depreciation) 972,000 Total assets $1,178,507 Liabilities and Stockholders' Equity Accounts payable $261,300 Common stock 798,000 Retained earnings 119,207 Total liabilities and stockholders' equity $1,178,507 The retained earnings at the end of December would be: a. $119,207 b. $162,707 c. ($48,593) d. $212,707