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At the beginning of 2014, Mask Ltd. had a Retained Earnings balance of $31,860. For the...

At the beginning of 2014, Mask Ltd. had a Retained Earnings balance of $31,860. For the next three years, the firm reported the following net income (loss) and cash dividends declared and paid:

Year:

Net Income (loss):

Cash Dividends:

2014

$9,040

$425

2015

$16,850

$1,220

2016

($3,895)

$0

What would be the balance of Retained Earnings reported on the year-end balance sheet as of 12/31/2016?

a. $60,000

b. $52,210

c. $53,855

d. $55,500

e. $27,965

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