18. Monkey Business, Inc. had ending retained earnings of $3,000,000 on 12/31/20. During fiscal year 2020, they unfortunately incurred a net loss of ($150,000), but still declared and paid stock dividends of $5,000 and cash dividends of $15,000. They also purchased new equipment for $50,000, paid $20,000 on their long-term debt, and bought back treasury stock for $6,000. Calculate the beginning retained earnings balance on 1/1/20. Show your work