Nelson Company experienced the following transactions during Year 1 its first year in operation. 1. Acquired $8,400 cash by issuing common stock. 2. Provided $4,700 of services on account. 3. Paid $2,200 cash for operating expenses. 4. Collected $3,100 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $220 cash dividend to stockholders. 47 What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice $9,300 $2,500 $10,680 $2.280