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 $4,200 Accounts receivable 2,100 Common stock 2,400 Revenue 1,250 Expense 5,475 $1,650 2,575 2,400 1,350 After closing, what is the balance of the Retained Earnings account on December 31, Year 1? Multiple Choice $5,475. $6.600 $5,475. $6,600. $4,425. $3,375