Jackson Corporations Retained Earnings account balance was $75,000 on January 1. During January, the company recorded revenue

Question:

Jackson Corporation’s Retained Earnings account balance was $75,000 on January 1. During January, the company recorded revenue of $100,000, expenses of $60,000, and dividends of $5,000. The company also purchased land during the period for $20,000 cash. Determine the company’s Retained Earnings account balance on January 31.