The First Year of Operations for a Company Was Year

The first year of operations for a company was Year 1.The net income for Year 1 was $20,000 and dividends of $12,000 were paid.In Year 2,the company reported net income of $34,000 and paid dividends of $5,000.At the end of Year 1,the company had total assets of $150,000.At the end of Year 2,the company had total assets of $240,000. What was the amount of retained earnings at the end of Year 1?

A) $20,000
B) $8,000
C) $150,000
D) $155,000