The following account balances are taken from the books of Country Club on 31 December 2017. Revenues and expenses are for the year ended 31 December 2017. The retained profits balance is as at 1 January 2017.

Account Value ($)

Accounts Receivable 29826

Accounts Payable 25242

Promotional Expense 54245

Cash 5420.0

Food Sales 15215

Cost of food sold 13080

Dividend payments 8138

Electricity Expense 6385

Furniture and fittings 42,500

Inventory 22,500

Land and buildings 75,000

Bank loan payable 43,750

Equipment 51,250

Rent expense 41372

Retained profits (1 January 2016) 74698

Share capital 75,000

Membership revenue 103430

Calculate the retained earnings for the year ended 31 December 2017.