Warren Enterprises had the following events during Year 1:

The business issued $32,000 of common stock to its stockholders.

The business purchased land for $24,000 cash.

Services were provided to customers for $28,000 cash.

Services were provided to customers for $17,000 on account.

The company borrowed $28,000 from the bank.

Operating expenses of $24,000 were incurred and paid in cash.

Salary expense of $2,000 was accrued.

A dividend of $16,000 was paid to the stockholders of Warren Enterprises.

Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be: