Question $39$

As of December $31,2022,$ Indiana Company had:

total cash of $$155,000,$

notes payable of $$85,500,$

common stock of $$52,300,$ and

retained earnings of $(?).$

During $2023,$ Indiana Company:

earned $$35,000$ of revenue,

incurred $$19,500$ in expenses, and

declared and paid a $$2,900$ cash dividend to the stockholders.

What was retained earnings at the end of $2023?$

$$64,900$

$$29,800$

$$12,600$

$$82,100$