The first year of operations for a company was Year 1. The net income for the year Year 1 was $20,000 and dividends of $12,000 were paid. In Year 2, the company reported net income of $34,000 and paid dividends of $5,000. At the end of Year 1, the company had total assets of $150,000. At the end of Year 2, the company had total assets of $240,000. Use the information above to answer the following question. What was the amount of retained earnings at the end of Year 1? $20,000. $8,000. $150,000. $155,000