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 $6,600. $3.375 $5,475 $4,425