* Required 1. What is the balance of retained earnings as of 31/12/2017 if you know that retained earnings balance as of 31/12/2016 was $ 450,000, cash dividends for the year 2016 was $50,000, net income for the year of 2017 was $150,000? * (2 points) $ 650,000 $ 550,000 $ 600,000 None of provided answers is correct