Sanchez Company engaged in the following transactions during 2015:

1)	Started the business by issuing $13,300 of common stock for cash.
2)	The company paid cash to purchase $8,000 of inventory.
3)	The company sold inventory that cost $5,400 for $11,150 cash.
4)	Operating expenses incurred and paid during the year, $4,900.

Sanchez Company engaged in the following transactions during 2016:
1)	The company paid cash to purchase $11,600 of inventory.
2)	The company sold inventory that cost $9,600 for $17,750 cash.
3)	Operating expenses incurred and paid during the year, $5,900.

Note: Sanchez uses the perpetual inventory system.

The amount of retained earnings at December 31, 2016 is: