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Maben Company was started on January 1, 2018, and experienced the following events during its first year of operation:

1. Acquired $38,000 cash from the issue of common stock.
2. Borrowed $32,000 cash from National Bank.
3. Earned cash revenues of $56,000 for performing services.
4. Paid cash expenses of $49,000.
5. Paid a $1,800 cash dividend to the stockholders.
6. Acquired an additional $28,000 cash from the issue of common stock.
7. Paid $8,000 cash to reduce the principal balance of the bank note.
8. Paid $61,000 cash to purchase land.
9. Determined that the market value of the land is $85,000.
10. What is the balance in the Retained Earnings account immediately after Event 3 is recorded?