calculate the retained earnings balance at January 1, 2021 (beginning retained earnings).

FINANCIAL STATEMENTS The following information was taken from the accounting records of ABC Company as of December 31, 2021: 26,000 40,000 43,000 15,000 28,000 12,000 75,000 Accounts payable .... Accounts receivable Accumulated depreciation ... Building ......... Cash ....... Common stock ........ Copyright ....... Cost of goods sold Dividends ........ Equipment ...... Interest revenue ..... Inventory ...... Land ....... Notes payable... Rent expense...... Retained earnings ........... Salaries expense ........ Sales revenue .......... 17,000 10,000 31,000 24,000 98,000 50,000 Additional information is provided below: 1. At January 1, 2021, ABC Company reported total assets of $100,000 and total liabilities of $35,000 2. During 2021, ABC Company sold $5,000 of its stock to stockholders 3. ABC Company reported a gross profit of $150,000 in 2021 Total current assets at December 31, 2021 totaled $97,000 5. Dividends declared by ABC Company during 2021 equaled 30% of the net income for 2021 FINANCIAL STATEMENTS The following information was taken from the accounting records of ABC Company as of December 31, 2021: 26,000 40,000 43,000 15,000 28,000 12,000 75,000 Accounts payable .... Accounts receivable Accumulated depreciation ... Building ......... Cash ....... Common stock ........ Copyright ....... Cost of goods sold Dividends ........ Equipment ...... Interest revenue ..... Inventory ...... Land ....... Notes payable... Rent expense...... Retained earnings ........... Salaries expense ........ Sales revenue .......... 17,000 10,000 31,000 24,000 98,000 50,000 Additional information is provided below: 1. At January 1, 2021, ABC Company reported total assets of $100,000 and total liabilities of $35,000 2. During 2021, ABC Company sold $5,000 of its stock to stockholders 3. ABC Company reported a gross profit of $150,000 in 2021 Total current assets at December 31, 2021 totaled $97,000 5. Dividends declared by ABC Company during 2021 equaled 30% of the net income for 2021