Question 1 (1 point) Phillip Camera Store had a retained earnings balance of $38,000 on January 1, 20XX. For the year 20XX, sales were $860,000 and expenses were $320,000. The company declared and paid cash dividends of $35,000 during the year 20XX. What was the ending retained earnings on the balance sheet for Phillip Camera Store at December 31, 20XX? Enter your responses in whole numbers, no commas, and no dollar signs. Your