The century company's adjusted trial balance I contains the following balances as of Dec. 31: Retained Earnings $17,000: Dividends $4,000 sales $40,000; Cost of goods sold $16,000 ; selling and administrative expenses $6,000; interest expense $3,000. Prepare closing entries for that company. Close the temporary accounts Straight to tetained comings, The balance of $12,000 in the retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing Chtrics