had the following events during Year 1 The business issued $22,000 of common stock to its stockholders The Services were provided to customers for $18,000 cash Services were provided to customers for $7,000 on account The company borrowed $18,000 from the bank Operating expenses of $14,000 were incurred and paid in cash. Salary expense of $1,000 was accrued A dividend of $6,000 was paid to the stockholders of Warren Enterprises s purchased land for $14,000 cash the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be: $12.000 Revenue on account amounted to $4,400. Cash collections of accounts receivable amounted to $2,600. Expenses for the period were $2,300. The company paid dividends of $550. Net income for the period was Multiple Choice $2,100 s2.050 $1.550 $300