Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $14,100 of common stock for cash. 2) The company paid cash to purchase $8,400 of inventory 3) The company sold inventory that cost $5,800 for $12,150 cash. 4) Operating expenses incurred and pald during the year, $5,300. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $12,400 of Inventory 2) The company sold Inventory that cost $10,000 for $18,750 cash. 3) Operating expenses incurred and paid during the year. $6,300. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $14,600 What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice $14,600 $3,500 $2,450 $8,300