Company had sales of $160,000, cost of goods sold of $96,000, and other operating expenses, excluding taxes, of $32,000. In 1998, Conner Company discovered that it had, in error, depre- ciated land over the last three years resulting in a balance in the accumulated depreciation account of $40,000. The assumed tax rate for Conner Company is 40%. Present in proper form a statement of retained earnings for the year ended December 31, 1998.  lop85