[The following information applies to the question displayed below.) Sanchez Company engaged in the following transactions during 2015: 1) Started the business by issuing $12,300 of common stock for cash. 2) The company paid cash to purchase $7,500 of inventory. 3) The company sold inventory that cost $4.900 for $9,900 cash. 4) Operating expenses incurred and paid during the year, $4,400. Sanchez Company engaged in the following transactions during 2016: 1) The company paid cash to purchase $10,600 of inventory. 2) The company sold inventory that cost $9,100 for $16,500 cash. 3) Operating expenses incurred and paid during the year, $5,400. Note: Sanchez uses the perpetual inventory system. he amount of retained earnings at December 31, 2016 is: Multiple Choice