Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: Acquired $35,000 cash from the issue of common stock. Borrowed $47,000 cash from National Bank. Earned cash revenues of $63,000 for performing services. Paid cash expenses of $52,500. Paid a $2,500 cash dividend to the stockholders. Acquired an additional $35,000 cash from the issue of common stock. Paid $12,000 cash to reduce the principal balance of the bank note. Paid $46,000 cash to purchase land. Determined that the market value of the land is $64,000. What is the balance in the Retained Earnings account immediately after Event 3 is recorded