Nelson Company Experienced the Following Transactions During Year 1, Its

Nelson Company experienced the following transactions during Year 1, its first year in operation.Acquired $9,200 cash by issuing common stock.Provided $5,500 of services on account.Paid $2,400 cash for operating expenses.Collected $3,500 of cash from customers in partial settlement of its accounts receivable.Paid a $260 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) $10,300
B) $12,040
C) $3,100
D) $2,840