The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable Retained earnings After closing, what is the balance of the Retained Earnings account on December 31, Year 1? Multiple Choice $3,225. $2,475. $4,800. $3,975. $3,000 1,500 1,800 950 3,975 Accounts receivable Common stock Revenue Expense Prev 7 of 21 $1,350 1,975 1,800 1,050 Next >

After closing, what is the balance of the Retained Earnings account on December 31 , Year 1 ? Multiple Choice $3.225. $2,475 $4,800. $3,975