10) Frosty Incorporated has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, January 1 Cash Expenses Accounts payable Dividends Supplies $4,9009,5008,30024,7002,5001,70018,200 Based upon the balances above, how will Retained Earnings change as a result of the closing entries? A) Increase of $14,500 B) Increase of $17,500 C) Increase of $15,500 D) Increase of $16,500