Warren Enterprises had the following events during Yeart The business issued $36,000 of common stock to its stockholders. The business purchased land for $28.000 cash Services were provided to customers for $32,000 cash Services were provided to customers for $21.000 on account. The company borrowed $32,000 from the bank. Operating expenses of $28,000 were incurred and paid in cash. Salary expense of $2.400 was accrued. A dividend of $20,000 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 I would be