Practice Question 24 On January 1, Bennett Corporation had retained earnings of $650,000. During the year, Bennett Corporation had the following selected transactions: declared cash dividends of $100,000; placed a restriction on retained earnings for a plant expansion of $50,000; earned net income of $400,000; and declared stock dividends of $50,000. The ending balance for retained earnings is $950,000. O $900,000. O $1,200,000. O $850,000