Nelson Company experienced the following transactions during Year 1, its first year in operation.1. Acquired $7200 cash by issuing common stock. 2. Provided $3500 of services on account. 3. Paid $1900 cash for operating expenses. 4. Collected $2500 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $160 cash dividend to stockholders. What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1?
A. $1160
B. $1600
C. $8640
D. $1440
Answer: D
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