Use the following information to answer questions 1 and 2. A company reported the following at 1/1/23: total assets of $1,000,000, total liabilities of $625,000, contributed capital of $100,000 and retained earnings of $275,000. At 12/31/23, the company reported the following: total assets of $1,500,000, total liabilities of $750,000, and capital stock of $300,000. The company declared and paid dividends of $200,000 during the year, 1. What is the company's retained earnings balance at 12/31/23? a. $750,000 $450,000 1/1/23 (b. 1,500,000 - 1,050,000 c. $250,000 d. $75,000 e. Unable to determine given the information provided. 450,00 1,000,000 2. What was the company's net income (loss) during the year? a.) $650,000 B. $450,000 c. $375,000 d. ($25,000) e. None of the above. 625,000 + 1 1,000,000 = 1000,0 12/31/23 to = 1,500,000 = 150 1,500,000 65