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Green Grass, Inc., has sales of $560,000, costs of $306,000, depreciation expense of $32,000, interest expense of $19,000, and a tax rate of 32 percent.

Green Grass, Inc., has sales of $560,000, costs of $306,000, depreciation expense of $32,000, interest expense of $19,000, and a tax rate of 32 percent. (Do not include the dollar sign ($).) If the firm paid out $48,000 in cash dividends, the addition to retained earnings is $ _____ .

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