9. Ellen Enterprises had the following events during Year 1: The business issued $40,000 of common stock to its stockholders. The business purchased land for $24,000 cash. Services were provided to customers for $32,000 cash. Services were provided to customers for S10,000 on account. The company borrowed S32,000 from the bank. Operating expenses of $24,000 were incurred and paid in cash. Salary expense of $1,600 was accrued. A dividend of $8,000 was paid to the stockholders of Ellen Enterprises. Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be: a. $10,000 b. $8,400 c. $16,400 d. $42,000