Inventory $8000

Common stock 50,000

Cash 5000

General & admin expenses 3000

Accrued expenses 4000

Notes payable 3000

Interest expense 1000

Depreciation expense 2000

Net sales 15,000

Accounts receivable 7000

Accounts payable 2000

Long-term debt 60,000

Cost of goods sold 5,000

Buildings and equipment 150,000

Taxes 1000

Accumulated depreciation 30,000

Common Stock dividends paid 2000

Retained earnings ?

Based on the balance sheet and income statement, what are the retained earnings for the previous year?

Group of answer choices

$27,000

$24,000

$20,000

$16,000