Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014: 1) Started the business by issuing common stock for $7,860 cash 2) Paid cash to purchase $5,120 of inventory 3) Sold inventory that cost $3,180 for $7,610 cash 4) Incurred and paid operating expenses, $262 Schumacher Company engaged in the following transactions during 2015: 1) Paid cash to purchase $6,100 of inventory 2) Sold inventory that cost $7,360 for $15,870 cash 3) Incurred and paid operating expenses, $524 The amount of Retained Earnings at December 31, 2014 is: