Warren Enterprises began operations during Year 1. The company had the following events during Year 1: The business issued $27,000 of common stock to its stockholders. The business purchased land for $19,000 cash. Services were provided to customers for $23,000 cash. Services were provided to customers for $12,000 on account. The company borrowed $23,000 from the bank. Operating expenses of $19,000 were incurred and paid in cash. Salary expense of $1,500 was accrued. A dividend of $11,000 was paid to the stockholders of Warren Enterprises. What is the balance of the Retained Earnings account as of December 31, Year 1?