Warren Enterprises had the following events during Year 1 The business issued $34,000 of common stock to its stockholders The business purchased land for $26,000 cash Services were provided to customers for $30,000 cash. Services were provided to customers for $19,000 on account The company borrowed $30,000 from the bank Operating expenses of $26,000 were incurred and paid in cash. Salary expense of $2 200 was accrued. A dividend of $18,000 was paid to the stockholders of Warren Enterprises. Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be Multiple Choice $2.600 $2.800 $34,800 $49.000