Sandy Way Company is preparing a statement of stockholders' equity for 2023 . On January 1,2023 , Sandy Way started the year with a $50,000 credit balance in its retained earnings account. During 2023 , the company earned net income of $35,000 and declared dividends of $5,000. Also, the company received cash of $7,500 as an additional investment by its owners. What is the balance in retained earnings on December 31,2023 ? Multiple Choice $50,000 $87,500 $85,000 $80,000