Davis Company was started on January 1, 2012. During the month of January, Davis earned $4,600 of revenue and incurred $3,000 of expense. Davis closes its books on December 31 of each year. During the remainder of 2012, Davis earned 52,000 and incurred $42,000 of expenses. Davis closes its books on December 31 or each year. Required a. Determine the balance in the Retained Earnings account as of January 31, 2012