Atlantic Corporation Reported the Following Amounts at the End of the First

Atlantic Corporation reported the following amounts at the end of the first year of operations What are the retained earnings of Atlantic at the end of the year,and what amount of expenses were incurred during the year?

A) Retained earnings are $80,000 and expenses incurred totaled $680,000.
B) Retained earnings are $80,000 and expenses incurred totaled $720,000.
C) Retained earnings are $280,000 and expenses incurred totaled $480,000.
D) Retained earnings are $280,000 and expenses incurred totaled $520,000.