The business issued $27,000 of common stock to its stockholders. The business purchased land for $19,000 cash Services were provided to customers for $23,000 cash. Services were provided to customers for $12,000 on account. The company borrowed $23,000 from the bank. Operating expenses of $19,000 were incurred and paid in cash. Salary expense of $1,500 was accrued. A dividend of $11,000 was paid to the stockholders of Warren Enterprises. Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be: Multiple Choice o $3,300 O $35,000 $3,500 $21,500