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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:

1. Acquired $29,000 cash from the issue of common stock.

2. Borrowed $41,000 cash from National Bank.

3. Earned cash revenues of $57,000 for performing services.

4. Paid cash expenses of $49,500.

5. Paid a $1,900 cash dividend to the stockholders.

6. Acquired an additional $29,000 cash from the issue of common stock.

7. Paid $10,000 cash to reduce the principal balance of the bank note.

8. Paid $52,000 cash to purchase land.

9. Determined that the market value of the land is $73,000.

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