The Retained Earnings account has a credit balance of $20,400 before closing entries are made. If total revenues for the period are $65,200, total expenses are $47,400, and dividends are $10,800, what is the ending balance in the Retained Earnings account after all closing entries are made?

$9,600.

$17,800.

$27,400.

$20,400.

$38,200.