Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $7,000 cash by issuing common stock. 2. Provided $3,300 of services on account. 3. Paid $1,850 cash for operating expenses. 4. Collected $2,400 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $150 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice O $1,450. $8,300 $1,050 $1,300 Jay