Use the Following Information for Questions

question 96

Multiple Choice

Use the following information for questions.
Financial statements for Kiner Company are given below:

Total assets on the statement of financial position at December 31, 2011 are $2,216,000.Accumulated deprecia-tion on the equipment sold was $112,000.
-The balance in the Retained Earnings account at December 31, 2011 was

• A)$360,000.
• B)$880,000.
• C)$760,000.
• D)$1,000,000.