Warren Enterprises Began Operations During Year 1

Multiple Choice

Warren Enterprises began operations during Year 1. The company had the following events during Year 1: The business issued $38,000 of common stock to its stockholders.The business purchased land for $30,000 cash.Services were provided to customers for $34,000 cash.Services were provided to customers for $23,000 on account.The company borrowed $34,000 from the bank.Operating expenses of $30,000 were incurred and paid in cash.Salary expense of $2,600 was accrued.A dividend of $22,000 was paid to the stockholders of Warren Enterprises.
What is the balance of the Retained Earnings account as of December 31, Year 1?

A) $57,000
B) $2,400
C) $24,400
D) $23,000