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Retained Earnings, January 1, 2020: $5,000,000 Net Income for 2020: $250,000 Dividends Declared in 2020: $100,000 Using the above information, determine the retained earnings balance

Retained Earnings, January 1, 2020: $5,000,000 Net Income for 2020: $250,000 Dividends Declared in 2020: $100,000 Using the above information, determine the retained earnings balance at December 31, 2020.

Select one:

a. $5,350,000

b. $4,650,000

c. $4,850,000

d. $5,150,000

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