From the following data, calculate the retained earnings balance as of December 31, 2016: Total Assets, 12/31/16 = $97,000 Gain on sale of buildings during the year = $17,000 Net income for the year ended 12/31/16 = $12,000 Retained Earnings, 01/01/16 = $22,000 Rent Expense for the year ended 12/31/16 = $5,000 Dividends declared & paid in 2016 = $8,000 Total Operating Expenses for the year ended 12/31/16 = $35,000