At the Beginning of the Current Year Duke Company Had

Multiple Choice

At the beginning of the current year Duke Company had the following balances in their stockholders' equity accounts as of December 31, 20X5: Paid- in capital $43,000
Retained earnings 27,000
During the year ended December 31, 20X6, Duke Company generated $35,400 in net income, and declared and paid $12,000 in dividends. The ending balance in the Retained Earnings account at December 31, 20X6 is:

A) $27,000
B) $66,400
C) $23,400
D) $50,400