Muscat company experienced the following transactions during 2017, its first year in operation. 1. Issued $20,000 of common stock to stockholders. 2. Provided $9,200 of services on account. 3. Paid $2,500 cash for operating expenses. 4. Paid a $200 cash dividend to stockholders. The amount of retained earnings appearing on Muscat Company's December 31, 2017 balance sheet is: a. $2,800 b. $6,500 c. $9,500 d. $9,700