Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Sell product for $25,000 with historical cost of $20,000 What is the final amount in Retained Earnings?

Acme Company Balance Sheet As of January 5, 2020 (amounts in thousands) 14,700 Accounts Payable Cash 2,400 Accounts Receivable 4,800 Debt 3,700 Inventory 3,800 Other Liabilities 5,000 15,800 Total Liabilities 11,100 Property Plant & Equipment Other Assets 900 Paid-In Capital Retained Earnings Total Equity 6,000 22,900 28,900 Total Assets 40,000 Total Liabilities & Equity 40,000 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020 1. Sell product for $25,000 with historical cost of $20,000 What is the final amount in Retained Earnings