Question: I need assistance with this general accounting question using appropriate principles. Novatek Co. is preparing its statement of stockholders' equity for the year 2023. On

I need assistance with this general accounting question using appropriate principles.

Novatek Co. is preparing its statement of stockholders' equity for the year 2023. On January 1, 2023, the retained earnings balance was $120,000. During the year, Novatek reported net income of $85,000 and declared dividends of $20,000. The company also received $25,000 as an additional cash investment from its owners during the year. What is the balance in retained earnings on December 31, 2023? a. $210,000 b. $185,000 c. $205,000 d. $190,000

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