Sanchez Company engaged in the following transactions during Year 1: Started the business by issuing $12,100 of common stock for cash. The company paid cash to purchase $7,400 of inventory. The company sold inventory that cost $4,800 for $9,650 cash. Operating expenses incurred and paid during the year, $4,300. Sanchez Company engaged in the following transactions during Year 2: The company paid cash to purchase $10,400 of inventory. The company sold inventory that cost $9,000 for $16,250 cash. Operating expenses incurred and paid during the year, $5,300. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings as of December 31, Year 2