Conner Company had retained earnings of \(\$ 56,000\) as of January 1, 1998. In 1998, Conner 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, depreciated 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.