4. Comet Graphics Company was organized on January 1, 2013. The trial balance before adjustment at December 3 2014 contained the following account balances: Debits Credits Cash $9,500 Accounts Receivable 14,000 Supplies 2.700 Prepaid Insurance 1,800 Equipment 45,000 Accounts Payable 9,000 Notes Payable 17,000 Common Stock 15,000 Retained Earnings (Beginning 12,000 Dividend 2.000 Graphic Fees Revenue 52,100 Consulting Fees Revenue 5,000 Salaries Expense 30,000 Advertising Expense 1.900 Rent Expense 1,500 Utilities Expense 1,700 $110,100 $110,100 Analysis reveals the following additional data: 1. The $2,700 balance in Supplies represents supplies purchased in January. At December 31, there was $1,500 of supplies on hand. 2. The note payable was issued on September 1. It is a 12%, 6-month note, with principle and interest due at maturity. 3. The balance in Prepaid Insurance is the premium on a one-year policy, dated March 1, 2014 4. Consulting Fees are credited to revenue when received. At December 31, consulting fees of $1,000 contracted for January 2015 have yet to be performed. All other consulting projects have been finished. CHint: Have they recognized revenue at the correct time? 5. The equipment was purchased on January 1, 2014. It has a 10-year useful life and no salvage value. The company uses the straight-line depreciation method Required: Determine Ending Retained Earnings at December 31, 2014 (after adjusting entries and closing