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Coates Inc. experienced the following events in Year 1, its first year of operation:
Received $20,000 cash from the issue of common stock.
Performed services on account for $38,000.
Paid the utility expense of $2,500.
Collected $21,000 of the accounts receivable.
Recorded $15,000 of accrued salaries at the end of the year.
Paid a $2,000 cash dividend to the shareholders.
What is the balance in the Retained Earnings account after closing Year 1?
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