1,500 2,900 Cash Accounts Receivable Inventory Property Plant & Equipment Other Assets Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 9,700 Accounts Payable 4,500 Debt 3,800 Other Liabilities 16,400 Total Liabilities 1,700 Paid-In Capital Retained Earnings Total Equity 36,100 Total Liabilities & Equity 800 5,200 7,300 23,600 30,900 36,100 Total Assets Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Sell product for $20,000 with historical cost of $16,000 What is the final amount in Retained Earnings? Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars. Please specify your answer in the same units as the balance sheet (1.e., enter the number from your updated balance sheet)