American General Company experienced the following accounting events during Year 2:

1. Paid $4,000 cash for salary expense
2. Borrowed $8,000 cash from State Bank
3. Received $30,000 cash from the issue of common stock
4. Purchased land for $8,000 cash
5. Performed services for $14,000 cash
6. Paid $4,200 cash for utilities expense
7. Sold land for $7,000 cash
8. Paid a cash dividend of $1,000 to the stockholders
9. Paid $3,000 cash on the loan from State Bank

What is the ending balance of retained earnings?