The stockholders' equity section of Kay Corporation at December 31, 2005 included the following accounts:

Preferred stock (9%, $40 par, 6,000 shares issued & outstanding) ........ $240,000

Common stock ($8 par, 65,000 shares issued, 61,000 shares outstanding) ........ 520,000

Paid-in capital preferred stock ....................................... ?

Paid-in capital common stock .......................................... 584,000

Retained earnings ....................................................... 152,000

Treasury stock (4,000 shares at $15 cost) .............................. 60,000

Kay Corporation reported a net income of $84,000 during 2005 and only dividends on preferred stock were declared and paid. Calculate the retained earnings balance at January 1, 2005.