The income statement for the year 2020 of Poole Co. contains the following information: Revenues Expenses: Salaries and Wages Expense Rent Expense Supplies Expense Advertising Expense Utilities Expense Insurance Expense Net income (Loss) $80,000 $35,000 Total expenses $85,000 At January 1, 2020, Poole reported Retained Earnings of $100,000. Dividends for the year totalled $20,000. At December 31, 2020, the company will report Retained Earnings of $75,000 $90,000 32,000 12,000 12,000 5,000 4,000 $150,000 155,000 $ (5000) Page 5 of 6

The income statement for the year 2020 of Poole Co. contains the following information: Reve Expe Net At January 1,2020, Poole reported Retained Earnings of $100,000. Dividends for the year totalled $20,000. At December 31,2020 , the company will report Retained Earnings of $80,000 $35,000 $85,000 $75,000