Warren Enterprises had the following events during 2016:

The business issued $26,000 of common stock to its stockholders.

The business purchased land for $18,000 cash.

Services were provided to customers for $22,000 cash.

Services were provided to customers for $11,000 on account.

The company borrowed $22,000 from the bank.

Operating expenses of $18,000 were incurred and paid in cash.

Salary expense of $1,400 was accrued.

A dividend of $10,000 was paid to the stockholders of Warren Enterprises.

Assuming the company began operations during 2016, the amount of retained earnings as of December 31, 2016 would be: