Question 42 pt Mod 14.5: Company Y began the year 20X1 with $50,000 in Retained Earnings. During 20X1 it had the following transactions. On January 1, it purchased a $10,000 piece of land for investment purposes. Starting January 1, it rented the land to a farmer at $200 per month. The farmer will NOT pay any of the rent until 20X2 after his first harvest. Incurred $20 per month for water services. Paid $100 per month to a property manager to oversee the farmer. Paid a $500 dividend in November. Compute Company Y's Retained Earnings as of 12/31/X1: O $51.540 None are correct $52.040 $41.540