Shortt & Tall, Attorneys at Law, began Year 2 with $30,000 cash from investors and a $20,000 loan. During Year 2, the firm earned $4,000 of revenue and paid $1,000 in operating expenses. Shortt & Tall repaid $12,000 in principal, and paid 10% interest on the balance outstanding at the end of the year. What is the balance of Retained Earnings at the end of Year 2