Refer to the Following Adjusted Trial Balance After the First

Multiple Choice

Refer to the following adjusted trial balance after the first year of operations. $\begin{array}{|l|c|c|}\hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 1,900 & \\\hline \text { Accounts Receivable } & 8,900 & \\\hline \text { Office Supplies } & 200 & \\\hline \text { Equipment } & 22,300 & \\\hline \text { Accumulated Depreciation - Equipment } & & \$ 2,000 \\\hline \text { Accounts Payable } & & 1,000 \\\hline \text { Salaries Payable } & & 850 \\\hline \text { Unearned Revenue } & & 400 \\\hline \text { Common Stock } & & 3,600 \\\hline \text { Dividends } & 3,000 & \\\hline \text { Service Revenue } & & 55,150 \\\hline \text { Salaries Expense } & 23,000 & \\\hline \text { Supplies Expense } & 2,000 & \\\hline \text { Depreciation Expense- Equipment } & \underline{1,700} & \\\hline \text { Total } & \$ 63,000 & \$ 63,000 \\\hline\end{array}$ What will the balance of the Retained Earnings account be after the closing entries are posted?

A) $25,450
B) $28,450
C) $32,050
D) $31,450