On May 1, 20x8, Grant Ltd. was formed by the sole shareholder investing 14,247 into the business. At December 31st, 20x9, the company had 306,797 of assets, 165,777 of liabilities, had earned a net income for 20x9 of 89,288, had declared dividends of 44,228 and paid dividends of 10,186. What was the opening retained earnings as at January 1, 20x9?