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Peralta Inc.'s retained earning balance on December 31, 2022 was $87,500. For the year ended December 31, 2022, Peralta Inc. reported net income of $12,200.

Peralta Inc.'s retained earning balance on December 31, 2022 was $87,500. For the year ended December 31, 2022, Peralta Inc. reported net income of $12,200. During 2022, the corporation paid a $1,500 dividend to its sole shareholder, Jake. What was Peralta Inc.'s balance in retained earnings on January 1, 2022?

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