The following information is from the Income Statement of Loki's Magic Service for the quarter ending September 2022: Service Revenue Expenses $4,500 Salaries and Wages expense $2,000 Supplies expense 400 Insurance expense 100 Total expenses 2.500 Net Income $2.000 The balance in Retained Earnings at July 1 was $3,200. Loki's distributed dividends of $2,200 during the period. After closing entries have been posted, Retained Earnings will have a balance of $1,000 debit. O$3,000 credit. O $5,200 credit. O $2,800 credit.