At the start of the current year, investors contribute $10,000 to a newly formed corporation. During the year, the corporation earned revenues of $45,000, paid expenses of $22,000, and paid dividends to the owners of $5,000. It also borrowed $10,000 by issuing a note. At the end of the year, the balance in retained earnings will be

a) $0.

b) $18,000 credit.

c) $18,000 debit.

d) $23,000 debit.

e) $23,000 credit.