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TB MC Qu.2-59(Static) Warren Enterprises had the following events... Warren Enterprises had the...

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Accounting

TB MC Qu.2-59(Static) Warren Enterprises had the following events...
Warren Enterprises had the following events during Year 1:
The business issued $40,000 of common stock to its stockholders.
The business purchased land for $24,000 cash.
Services were provided to customers for $32,000 cash.
Services were provided to customers for $10,000 on account.
The company borrowed $32,000 from the bank.
Operating expenses of $24,000 were incurred and paid in cash.
Salary expense of $1,600 was accrued.
A dividend of $8,000 was paid to the stockholders of Wtarren Enterprises.
Assuming the company began operations during Year 1, what is the amount of retained earnings as of December 31, Year 1?
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