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Answer the questions below related to Ishpeming Waterworks which purchases an Available for Sale security on 5/1/20 with the intention of holding it for 5

Answer the questions below related to Ishpeming Waterworks which purchases an Available for Sale security on 5/1/20 with the intention of holding it for 5 years. Cost $2,000. Paid in cash.

At the end of 2020 the AFS has a current market price of $1,500.

During 2021, Ishpeming Waterworks sells the AFS security for $1,800.

What is the ending balance of Retained Earnings at 12/31/21?

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