Popes Garage had the following accounts and amounts in its financial statements on December 31, 2013. Assume that all balance sheet items reflect account balances at December 31, 2013, and that all income statement items reflect activities that occurred during the year then ended

Accounts receivable	$	32,000
Depreciation expense		10,900
Land		24,000
Cost of goods sold		87,000
Retained earnings		61,100
Cash		11,500
Equipment		69,000
Supplies		5,800
Accounts payable		20,900
Service revenue		22,200
Interest expense		1,300
Common stock		8,000
Income tax expense		14,232
Accumulated depreciation		41,000
Long-term debt		37,000
Supplies expense		13,700
Merchandise inventory		25,700
Sales revenue		150,000

Required:

f.	If $19,500 of dividends had been declared and paid during the year, what was the January 1, 2013, balance of retained earnings?