5. Woodward Enterprises had the following events during 2019: The business purchased land for $12,000 cash. Services were provided to customers for $16,000 cash. Services were provided to customers for $6,000 on account. The company borrowed $16,000 from the bank. Operating expenses of $12,000 were incurred and paid in cash. Salary expense of $800 was accrued A dividend of $4,000 was paid to the owners of Woodward Enterprises. Assuming the company began operations during 2019 (no previous balances in any permanent accounts, such as retained earnings), the amount of retained earnings as of December 31, 2019, would be: a. $5,200 b. $13,200 C. ($6,800) d. 99,200