Warren Enterprises began operations during Year 1. The company had the following events during Year 1: The business issued $37,000 of common stock to its stockholders. The business purchased land for $29,000 cash. Services were provided to customers for $33,000 cash. Services were provided to customers for $22,000 on account. The company borrowed $33,000 from the bank. Operating expenses of $29,000 were incurred and paid in cash. Salary expense of $2,500 was accrued. A dividend of $21,000 was paid to the stockholders of Warren Enterprises. After closing, what is the balance of the Retained Earnings account as of December 31, Year 1