The stockholders' equity section of Sunland Company as of December 31, 2017, was as follows:

Common stock, par value $2; authorized 19000 shares;

issued and outstanding 9500 shares

$ 19000

Paid-in capital in excess of par32000

Retained earnings81000

$132000

On March 1, 2018, the board of directors declared a 14% stock dividend, and accordingly 1500 additional shares were issued. On March 1, 2018, the fair value of the stock was $7 per share. For the two months ended February 28, 2018, Sunland sustained a net loss of $15200.

What amount should Sunland report as retained earnings as of March 1, 2015?