Lizzie Inc. reported the following amounts at the end of its first year of operations: Sales revenue $790,000 Total assets $590,000 Total liabilities $340,000 Dividends declared $50,000 Common stock $190,000 What are Lizzie's retained earnings at the end of year 1, and what were the total expenses incurred during year 1? Multiple Choice Retained earnings are $60,000 and expenses incurred totaled $730,000. Retained earnings are $60,000 and expenses incurred totaled $680,000 Retained earnings are $250,000 and expenses incurred totaled $540,000 O O Retained earnings are $250,000 and expenses incurred totaled $440,000