Calculate retained earnings for Construction Firm at 31 December 20X2 based on the following facts. Construction Firm accounts for treasury shares within additional paid-in capital / share surplus.

Retained earnings at 31 December 20X1: $126,000

Dividends paid in 20X2: $15,000

Dividends declared in 20X2: $20,000

Net loss for 20X2: ($78,000)

Treasury share repurchases in 20X2: $18,000

No other equity transactions in 20X2