On September 1, 2012, Baxter Inc. Reported Retained Earnings of $272,000. During the month, Baxter generated revenues of $40,000, incurred expenses of $24,000, purchased equipment for $10,000 and paid dividends of $4,000. What is the balance in Retained Earnings at September 30, 2012?
$272,000 debit
$16,000 credit
$274,000 credit
$284,000 credit
