QUESTION 20 Las Palmas Company reported the following items on its financial statements for the year ending December 31, 2017: A Sales $ 560.000 $400.000 40,000 Cost of goods sold Interest expense Income tax expense Salary expense Dividends 30,000 30.000 25.000 How much will be reported as retained earnings on Las Palmas" balance sheet at December 31, 2017. if this is the first year of operations? O a. $45.000 b. 535,000 O c. 585,000 O d. Not enough information is provided