D. Company was started on January 1, 2013 by issuing $25,000 common stock. The company took $25,000 loan from a commercial bank. During the year, the company earned $52,000 and incurred $24,000 as expenses. The company paid $8,000 as cash dividend. The company closes its books on December 31 of each year. Determine the balance in the retained earnings account as of December 31, 2013? a. $53,000 b. $45,000 c. $61,000 d. $23,000