Woodward Enterprises had the following events during 2013: 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 owners of Woodward Enterprises. Assuming the company began operations during 2013, the amount of retained earnings as of December 31, 2013 would be:

Answer: $29,000

Could you please explain how you solved this? Thanks