1. On 1 March, Jennifer Lee started a new business. During March she carried out the following transactions:

1 March: Deposited $29,000 in a newly-opened business bank account.

2 March: Bought computer systems for $6,500 cash and inventories $8,500 on credit.

3 March: Borrowed $5,500 from a friend and deposited it in the bank.

4 March: Bought a car for $11,000 cash and withdrew $350 in cash for her own use.

5 March: Bought additional computer systems costing $13,000. The car bought on 4 March was given in part exchange at a value of $8,000. The balance of the purchase price for the new systems was paid in cash.

6 March: Lee received $4,500 as an investment from a partner and paid the amount into the business bank account. She also repaid $2,000 of the borrowings.

Required:

Draw up a statement of retained earnings for the business at the end of March.