Little League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2024, its first year of operations:

January 2 Issue 110,000 shares of common stock for $54 per share.

February 14 Issue 44,000 shares of preferred stock for $12 per share.

May 8Purchase 11,000 shares of its own common stock for $44 per share.

May 31 Resell 5,500 shares of treasury stock for $49 per share.

December 1 Declare a cash dividend on its common stock of $0.45 per share and a $26,400 (6% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15.

The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)December 30Pay the cash dividends declared on December 1.

What is the retained earnings in the balance sheet? (Please work out)