Warren Enterprises 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 expervse of $$1,500$ was accrued.

A dividend of $$11,000$ was paid to the stockholders of Warren Enterprises.

Assuming the company began operations during Year $1,$ What is the amount of retained earnings as of December $31,$ Year $1?$

$$3,500$

$$3,300$

$$35,000$

$$21,500$