The first year of operations for a company was Year 1. The net income for Year 1 was $21,100 and dividends of $12,550 were paid.
In Year 2, the company reported net income of $35,100 and paid dividends of $5,550. At the end of Year 1, the company had total assets of $161,000. At the end of Year 2, the company had total assets of $ $251,000. What was the amount of retained earnings at the end of Year 1?
