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[The following information applies to the questions displayed below.] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:

Acquired $31,000 cash from the issue of common stock.

Borrowed $43,000 cash from National Bank.

Earned cash revenues of $59,000 for performing services.

Paid cash expenses of $50,500.

Paid a $2,100 cash dividend to the stockholders.

Acquired an additional $31,000 cash from the issue of common stock.

Paid $11,000 cash to reduce the principal balance of the bank note.

Paid $50,000 cash to purchase land.

Determined that the market value of the land is $70,000.

What is the balance in the Retained Earnings account immediately after Event 3 is recorded?

balance in retained earnings: