Woodward Enterprises had the following events during 2013: The business issued $40,000 of common stock to its stockholders. The business purchased land for $32,000 cash. Services were provided to customers for $36,000 cash. Services were provided to customers for $25,000 on account. The company borrowed $36,000 from the Lank. Operating expenses of $32,000 were incurred and paid in cash. Salary expense of $2,800 was accrued. A dividend of $24,000 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