For the past five years, Mookie Consulting Services reported the following annual net income and dividend amounts:
Year Net Income Dividends
1 $ 22,000 $ 2,000
2 17,000 2,000
3 9,000 1,000
4 14,000 3,000
5 25,000 4,000
If Mookie had Retained Earnings of $88,000 at the end of year 5, what was the company's Retained Earnings at the beginning of Year 1?
A) $13,000.
B) $25,000.
C) $7,000.
D) $1,000.
Answer: A
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