A company with a target D/E ratio of 1.2 reported earnings of $220,000 for the period just ended. If the company uses a residual dividend policy and declared total dividends of $44,000, what is its addition to retained earnings?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.