A Corporation Had a Net Increase in Retained Earnings of $65,000

Multiple Choice

A corporation had a net increase in retained earnings of $65,000 for the year.The corporation also paid $20,000 of cash dividends that had been declared in the previous year.This year,the corporation declared $18,000 of dividends but has not paid them as of year-end.Given this information,the net income for the current year must have been:

A) $63,000
B) $85,000
C) $65,000
D) $83,000