The following selected account balances were taken from ABC Company's general ledgers for 2025: January 1, 2025 December 31, 2025 Accounts payable 49,000 53,000 Cash 35,000 38,000 Common stock 46,000 76,000 Land 27,000 64,000 Notes payable 45,000 40,000 Retained earnings ? 29,000 The following information was taken from ABC Company's 2025 income statement: Total revenues 500,000 Total expenses <430,000> Net income 70,000 The following information was taken from ABC Company's 2025 cash flow statement: Net cash flow from operating activities 93,000 Net cash flow from investing activities <60,000> Net cash flow from financing activities <30,000> Net change in cash 3,000 Calculate the balance in the retained earnings account at January 1, 2025.