Roscoe Enterprises had the following events during 2019, its second year of operations:

Services were provided to customers for $55,000 cash during 2019.

Additional services were provided to customers for $10,000 on account during 2019.

Operating expenses of $28,000 were incurred and paid in cash throughout 2019.

Salary expense of $2,600 was incurred and accrued in 2019, but not paid until 2020.

A dividend of $8,000 was paid to the stockholders of Roscoe Enterprises in February 2019. The dividend had been declared and properly accrued in 2018.

Assuming the companys beginning retained earnings balance was $20,000 at January 1, 2019. The balance in the retained earnings account as of December 31, 2019 would be:

a. $36,400 b. $44,400 c. $46,400 d. $54,400