Rodriquez Corporation had retained earnings of $750,000 at January 1, 2011. During the year the company generated a net income of $150,000 and declared share dividends of $50,000. It was discovered during 2011 that $40,000 of closing costs on a 2010 purchase of land was debited to maintenance expense. The income tax rate is 30%. Determine the retained earnings balance at December 31, 2011. a. $878,000 b. $ 860,000 c. $810,000 d. $838,000 od oc eb