The following information applies to the questions displayed below) Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $10,700 of common stock for cash 2) The company paid cash to purchase $6.700 of inventory 3) The company sold inventory that cost $4,100 for $7,900 cash 4) Operating expenses incurred and paid during the year. $3,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $9,000 of inventory. 2) The company sold inventory that cost $8,300 for $14,500 cash. 3) Operating expenses incurred and paid during the year, $4,600 Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2