Required information [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 $31,000 cash from the issue of common stock. 2. Borrowed $43,000 cash from National Bank 3. Eamed cash revenues of $59.000 for performing services. 4. Paid cash expenses of $50,500 5. Paid a $2,100 cash dividend to the stockholders 6. Acquired an additional $31,000 cash from the issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note 8. Paid $50,000 cash to purchase land. 9. Determined that the market value of the land is $70,000. g. What is the balance in the Retained Earnings account immediately after Event 3 is recorded? Balance in retained eamings