The company reported the following information for the year ended December 31, 2019: Net income Dividends Retained earnings at December 31, 2019 $100,000 6,000 $120,000 Refer to Beard Marine. What was the economic effect of the dividend payment? a. The dividend reduced total retained earnings. Ob. The dividend should be added to net income if the company's accounting equation is in balance. Oc. The dividend reduced net income for 2019. Od. The dividends must be paid whenever the company reports net income