On December 31, Year 4, the equity section of Spitz Co. was as follows:

Common stock, par value $10; Authorized 30,000 shares; Issued and outstanding 9,000 shares = $90,000

Additional paid-in capital = 116,000

Retained earnings = 146,000

Total equity = $352,000

On March 31, Year 5, Spitz declared a 10% stock dividend. Accordingly, 900 shares were issued when the fair value was $16 per share. For the 3 months ended March 31, Year 5, Spitz sustained a net loss of $32,000. The balance of Spitz's retained earnings as of March 31, Year 5, should be what? Please show how you calculate answer.