On July 1, Year 1, Village Bookstore, Inc. appropriated retained earnings in the amount of $36,000 for a future remodeling project in the basement of the bookstore. On June 30, Year 1, the balance of Retained Earnings was $82,800 and the Cash balance was $43,200. Which of the following answers shows the effect of the July 1 event on the elements of the financial statements?
A. Option A
B. Option B
C. Option C
D. Option D
Answer: D
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