Beard MarineThe company reported the following information for the year ended December 31, 2019:
Net income$100,000
Dividends6,000
Retained earnings at December 31, 2019$120,000
Refer to Beard Marine. What was the balance of Retained Earnings at January 1, 2019?
A. $ 21,000
B. $ 26,000
C. $106,000
D. $214,000
Answer: B
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