Rupert Corporation has the following information for $2024$ :

Net Income $$500,000$

Common stock dividends declared $$25,000$

Retained earnings January $1,2024$$$2,000,000$

What is the balance in retained earnings on December $31,2024?$

$$2,500,000$

$$2,525,000$

$$2,000,000$

$$2,475,0000$