Powell Company is preparing the closing entries at the end of its 2016 accounting period. Powell Company has normal balances in the following accounts: Service Revenue Salaries Expense Dividends Retained Earnings, 1/1/2016 50,000 12,000 5,000 25,000 What is the balance in Retained Earnings after the closing general journal entries are made? (Hint: Use T-accounts to arrive at your answer) Multiple Choice $63,000 $58,000 $92,000 $75,000