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.