Puckett Ltd. had a credit balance of $100,000 in the retained earnings account on January 1, 20x1. During 20x1, the net loss for the year was $20,000. The firm declared a cash dividend of $60,000. What was the balance in the retained earnings account at the end of 20x1? Question 5 options: $20,000 $40,000 $140,000 $80,000