Frosty Incorporated has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, January 1 Cash Expenses Accounts Payable Dividends Supplies $ 41,500 9,600 8,600 24,900 3,700 1,500 19,800 Based upon the balances above, how will Retained Earnings change as a result of the closing entries? Multiple Choice Increase of $17,100 Increase of $16.300