Required information [The following information applies to the questions displayed below.) Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $7,400 cash by issuing common stock. 2. Provided $3,700 of services on account. 3. Paid $1,950 cash for operating expenses. 4. Collected $2,600 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $170 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