Beacon, Incorporated reported the following amounts at the end of the first year of operations: Common stock Sales revenue Total assets Dividends declared Total liabilities $ 346,000 $ 1,384,000 $ 1,038,000 $ 83,000 $ 400,000 What are the retained earnings of Beacon at the end of the year, and what amount of expenses were incurred during the year? O Retained earnings are $638,000 and expenses incurred totaled $746,000. Retained earnings are $638,000 and expenses incurred totaled $984,000. Retained earnings are $292,000 and expenses incurred totaled $1,092,000. Retained earnings are $292,000 and expenses incurred totaled $1,009,000