Nelson experienced the following transactions during year 1, its first year in operation. 1. acquired $12,000 cah by issuing common stock 2. provided $4,600 of services on account 3. $3,200 cash for the operating expenses 4.collected $3,800 of cash from customers in partial settlement of its accounts recievable 5. Paid a $200 cash dividend to stockholders What is the balance of the retained earnings that will be reported on the balance sheet of december 31, year 1? a. $1,200 b. $1,000 c. $1,400 d. $13,200