If $19,000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?

Popes Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended.

Accounts receivable	$	32,200
Depreciation expense		10,500
Land		25,000
Cost of goods sold		88,500
Retained earnings		60,000
Cash		10,800
Equipment		69,000
Supplies		5,900
Accounts payable		20,000
Service revenue		26,600
Interest expense		3,800
Common stock		9,000
Income tax expense		13,486
Accumulated depreciation		42,000
Long-term debt		39,000
Supplies expense		13,500
Merchandise inventory		27,100
Sales revenue		151,000