Warren Enterprises began operations during Year 1. The company had the following events during Year 1: The business issued $40.000 of common stock to its stockholders. The business purchased land for $24,000 cash. Services were provided to customers for $32,000 cash. Services were provided to customers for $10.000 on account. The company borrowed $32.000 from the bank. Operating expenses of $24.000 were incurred and paid in cash. Salary expense of $1.600 was accrued. A dividend of $8.000 was paid to the stockholders of Warren Enterprises. After closing, what is the balance of the Retained Earnings account as of December 31, Year 17 $10,000 $8,400 $16.400 $42,000