Reinhardt Company reported revenues of ($ 122,000) and expenses of ($ 83,000) on its 2018 statement of

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Reinhardt Company reported revenues of $\$ 122,000$ and expenses of $\$ 83,000$ on its 2018 statement of earnings. In addition, Reinhardt declared $\$ 4,000$ of dividends during 2018. On December 31, 2018, Reinhardt prepared closing entries. The net effect of the closing entries on retained earnings was a(n):

a. decrease of $\$ 4,000$.

b. increase of $\$ 35,000$.

c. increase of $\$ 39,000$.

d. decrease of $\$ 87,000$.

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