On May 1, 20x8, Grant Ltd. was formed by the sole shareholder investing $14822 into the business. At December 31^st, 20x9, the company had $321090 of assets, $159228 of liabilities, had earned a net income for 20x9 of $86078, had declared dividends of $39377 and paid dividends of $11718. What was the opening retained earnings as at January 1, 20x9?