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ROW Construction Company has the following account balances reported on its financial statements on December 31, 20X1. In addition, the company did not issue any common stock during 20X1. All accounts on financial statements have been adjusted and reported. 60 60 20 Common stock Equipment (net) $550 Loan 180 Deferred revenue 145 Utility expense Depreciation for the year 80 Supplies 100 Sales revenue 405 Dividend paid during the year Cash 80 Retained earnings ? Required: Please choose the best answer for the following three questions based on the above information. What is the net income reported in 20X1? $325 O $180 $265 $245 What is the balance of total assets on December 31, 20X1? $650 $875 $815 $730 What is the balance of retained earnings on December 31, 20X1? $575 $285 $655 $345