Question 25 1 pts Use the information for question #23. What was the retained earnings balance on December 31, 20x0? $1,000 $2,000 $3,000 $4,000 $5,000 23 - 25. The Lucas Company was started on January 1, 20X0 by a group of investors with a balance sheet of total assets of $16,000 and total liabilities of $10,000. Partial financial data for the first year of operations is as follows: At 12/31/XO, Total assets = $18,000; At 12/31/XO, total liabilities = $8,000; During XO, Additional investments by owners - $1,000; During XO, Cash dividends declared = $5,000. During XO, Cash dividends paid = $4,000. What was the retained earnings balance at January 1, 20X0