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The Jackson Corporation has the following data: Retained earnings as of January 1, 2021 Net income for 2021 Cash dividends declared and paid in 2021

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The Jackson Corporation has the following data: Retained earnings as of January 1, 2021 Net income for 2021 Cash dividends declared and paid in 2021 $ 40,000 13,000 11,000 After the December 31, 2021 closing entries, what is the amount of retained earnings? Multiple Choice $64,000 o $2,000 o $42,000 o $16,000

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