Question: McGregor Insurance Agency started the year with a beginning Retained Earnings balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue

McGregor Insurance Agency started the year with a beginning Retained Earnings balance of $27,500. During the year, McGregor Insurance Agency earned $34,000 of Service Revenue and incurred $23,500 of various expenses. Dividends of $12,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings?

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