Frosty Incorporated has the following balances on December 31 prior to closing entries: Revenues $ 40,300 Retained Earnings, January 1 9,600 Cash 8,300 Expenses 24,800 Accounts Payable 3,500 Dividends 1,700 Supplies 18,600 Based upon the balances above, how will Retained Earnings change as a result of the closing entries? Multiple Choice Increase of $14,800 Increase of $16,800 Increase of $15,800 Increase of $13,800