The following information is available for the $Name Travel Agency. After these closing entries what will be the balance in the Retained Earnings account?
| Total revenues | 195,000 |
| Total expenses | 20,000 |
| Retained earnings | 55,000 |
| Dividends | 25,000 |
| $206,500 | |
| $203,000. | |
| $209,500. | |
| $205,000. | |
| $208,000. |
Please justify