Loweman's car repair shop started the year with total assets of $30,000, total liabilities of $21,000, and retained earnings of $9,000. During the year, the business recorded 50,000 in car repair revenues, and $35,000 in expenses, and the company paid dividends of $5,000. The investors did not make any additional investments during the year.

Loweman's balance of retained earnings at the end of the year was: