The assets and liabilities of Gidget Cat Corp. (Gidget) as at December 31, Year 2, and revenues and expenses for its year ended December 31, Year 2, and other select financial information follow: - Retained earnings at January 1, Year 2, were $40,000. - Common shares at December 31, Year 2, were $30,000. - Dividends declared on common shares during the year ended December 31 , Year 2, totalled \$25,000. What were Gidget's retained earnings as at December 31 . Year 2? $48,000 $88,000 $113.000 $118.000