High Step Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The ending retained earnings balance after closing is:
A. $378,300
B. $81,300
C. $185,000
D. $63,300
E. $360,300
Answer: E
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