Warren Enterprises began operations during Year 1. The company had the following events during Yeart The business issued $23,000 of common stock to its stockholders. The business purchased land for $15,000 cash Services were provided to customers for $19,000 cash Services were provided to customers for $8,000 on account The company borrowed $19,000 from the bank Operating expenses of $15.000 were incurred and paid in cash Salary expense of $1100 was accrued A dividend of $7,000 was paid to the stockholders of Warren Enterprises After closing what is the balance of the Retained Earings account as of December 31. Year 1? Multiple Choice $3.900 $3.900 $10.900 $8.000 527000