Shown below is an adjusted trial balance for Cornell Products, Incorporated, on December 31:

Cornell Products, Incorporated
Adjusted Trial Balance
December 31, Year 1
	Debit	Credit
Cash	$ 15,800
Accounts Receivable	12,900
Office Equipment	23,100
Accumulated Depreciation		$ 6,300
Accounts Payable		7,900
Capital Stock		22,800
Retained Earnings		-0-
Dividends	7,800
Service Fees Earned		47,000
Salaries Expense	16,600
Advertising Expense	3,400
Depreciation Expense	4,400
Totals	$ 84,000	$ 84,000

After closing the accounts, Retained Earnings at December 31 equals:

Multiple Choice

• $22,600.

• $47,000.

• zero.

• $14,800.