What is the retained earnings?

The following information is from the Income Statement of Ayayai's Halloween Pop-up Rental Shop for the year ending October 31, 2022 Service Revenue $7,600 $2,880 Expenses Salaries and Wages expense Rent Expense Depreciation Expense Miscellaneous Expense 1,792 2,604 366 Total expenses 7.642 Net Income $-42 This is Ayayal's first year in business. Ayayal's distributed dividends of $3,000 during the period. Prepare closing entries at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. Service Revenue 7600 Income Summary 7600 2 Income Summary 7642 Salaries and Wages Expense 2880 Rent Expense 1 1792 Depreciation Expense 2604 Miscellaneous Expense 366 3. Income Summary 42 Retained Earnings This is Ayayai's first year in business. Ayayai's distributed dividends of $3,000 during the period. Prepare closing entries at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Debit Credit No. Account Titles and Explanation 7600 1. Service Revenue 7600 Income Summary 2. 7642 Income Summary 2880 Salaries and Wages Expense 1792 Rent Expense 2604 Depreciation Expense 366 Miscellaneous Expense -42 3. Income Summary -42 Retained Earnings 4. Retained Earnings Dividends