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Maben Company was started on January 1, Year 1, and experienced the following events...

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Accounting

Maben Company was started on January 1, Year 1, and experienced
the following events during its first year of operation:
Acquired $30,000 cash from the issue of common stock.
Borrowed $40,000 cash from National Bank.
Earned cash revenues of $48,000 for performing services.
Paid cash expenses of $45,000.
Paid a $1,000 cash dividend to the stockholders.
Acquired an additional $20,000 cash from the issue of common
stock.
Paid $10,000 cash to reduce the principal balance of the bank
note.
Paid $53,000 cash to purchase land.
Determined that the market value of the land is $75,000.
g. What is the balance in the Retained Earnings account immediately after Event 3 is
recorded?
Balance in retained earnings
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