Lorna company has the following account balances at

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8. Lorna Company has the following account balances at the end of the first year of operations: Accounts Payable $37,000 Revenues $104,000 Cost of Goods Sold $40,000 Salaries Expense $13,000 Dividends Declared and Paid $10,000 Utilities Expense $14,000 Advertising Expense $9000 Short-term Investments $20,000 Cash $32,000 Land $50,000 Common Stock $50,000 What is the ending balance in Retained Earnings?
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