K Corp. had a balance in Retained Earnings of $18,200 on January 1st, Year 5. K had these transactions in Year 5: 1. Purchased land for $7,000 cash. 2. Acquired $29,000 cash from the issue of common stock. 3. Received $68,000 cash for providing services to customers. 4. Paid cash operating expenses of $41,600. 5. Borrowed $14,000 cash from the bank. 6. Paid a $7.000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in event 1 is $39,000, What is the December 31, Year 5 (end of year) Retained Earnings balance