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  3. eastern enterprises started the year with the foll

Eastern Enterprises started the year with the following: Assets $119,000; Liabilities $41,000; Common Stock $71,000;...

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Accounting

Eastern Enterprises started the year with the following: Assets $119,000; Liabilities $41,000; Common Stock $71,000; Retained Earnings $7,000. During the year, the company earned revenue of $6,300, all of which was received in cash, and incurred expenses of $3,650, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,300 to owners. Assume no other activities occurred during the year. The amount of Eastern's retained earnings at the end of the year is:

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