Ace Corporation has been in business for many years. Retained earnings on January 1, 2012, is $235,800. The following information is available for the first two months of 2012:

                                January             February

Revenues...............$83,000..........$96,000

Expenses.................89,000............82,000

Dividends paid................0.............5,000

Required

Prepare a statement of retained earnings for the month ended February 29, 2012.