Account Balance Cash 75,000 Accounts Receivable 20,000 Inventory 25,000 Property, Plant, & Equipment 50,000 Marketing Fees Payable Salaries and Commissions Payable 15,000 10,000 Dividends Payable 5,000 Common Stock 50,000 Retained Earnings 90,000 The company engaged in the following transactions during the year. a. Purchased inventory for $2,000 cash on January 8. b. Sold 5,000 units of inventory for cash of $30,000 on February 1. (Ignore cost of sales for this transaction.) c. Sold 2,500 units of inventory on credit for $15,000 on February 7. (Ignore cost of sales for this transaction.) d. Paid shipping costs: $25,000 on February 28. e. Issued an additional 5,000 shares of common stock on March 1. The stock was sold for $30,000. f. The sales team earned and was paid a commission of $35,000 on March 31. g. Incurred marketing fees of $5,000 on April 15, but did not pay for these services. h. On May 15, Ramses collected $15,000 for product to be provided on August 30. i. Declared but did not pay dividends to shareholders of $4,000 on June 30. j. The company paid $36,000 for a three-year warehouse rental on July 10 with occupancy beginning on August 1. k. Ramses paid the dividends that had been declared on June 30 on September 15. l. On October 25 the company paid $1,000 of the amount owed for marketing fees incurred on April 10. m. Collected $5,000 from the February 7 transaction on November 18. Assume that Ramses Manufacturing is not subject to tax. Illustrate the effect of each transaction on the expanded accounting equation. Question: What is ending retained earnings?