High Step Shoes, had annual revenues of $199,000, expenses of $110,700, and paid dividends of $23,600 during the current year. The retained earnings account before closing had a balance of $311,000. The ending retained earnings balance after closing is:
A. $88,300
B. $199,000
C. $375,700
D. $64,700
E. $399,300
Answer: C
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