Warren Enterprises had the following events during Year 1:

• The business issued $24,000 of common stock to its stockholders.
• The business purchased land for $16,000 cash.
• Services were provided to customers for $20,000 cash.
• Services were provided to customers for $9,000 on account.
• The company borrowed $20,000 from the bank.
• Operating expenses of $16,000 were incurred and paid in cash.
• Salary expense of $1,200 was accrued.
• A dividend of $8,000 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?