Buck Town Corporation began operations in 2025. During the year, the company earned sales revenues of

$1,690,000

with related cost of goods sold of

$860,000

. The company incurred administrative expenses of

$510,000

and had other expenses and losses of

$5,000

. Income tax expense was

$37,000

and dividends of

$40,000

were paid. After the closing process is complete, the Retained Earnings account will have a balance of

Buck Town Corporation began operations in 2025. During the year, the company earned sales revenues of $1,690,000 with related cost of goods sold of $860,000. The company incurred administrative expenses of $510,000 and had other expenses and losses of $5,000. Income tax expense was $37,000 and dividends of $40,000 were paid. After the closing process is complete, the Retained Earnings account will have a balance of