The McKeana Island Resort is incorporated and pays dividends each quarter. The balance of the retained earnings account at the beginning of 2018 was $95,000. During 2018, net income of $105,000 was earned. In each calendar quarter, a dividend of $2.00 per share of common stock was declared. The number of shares of common stock were as follows: Quarter First 10,000 Second 12,000 Third 12,200 Fourth 12,800 Also, during 2018, a correction of $3,000 was made to correct the excessive depreciation expense shown on the 2017 income statement. You would like to prepare the Statement of Retained Earnings for the McKeana Island Resort for the year ended December 31st, 2018 as following: McKeana Island Resort Statement of Retained Earnings For the year ended December 31, 2018 January 1, 2018 balance Add: Net income for 20X6 Less: Dividends Add: Adjustment December 31, 2018 balance Question: What is the amount of the balance in December 31st, 2018 above? $109,000 $94,000 $156,000 O $106,000