The stockholders' equity section of Milroy Corporation as of December 31, 2003, was as follows:
Common stock, par value $2; authorized 20,000 shares;
issued and outstanding 10,000 shares $ 20,000
Paid-in capital in excess of par 30,000
Retained earnings 90,000
$140,000
On March 1, 2004, the board of directors declared a 10% stock dividend, and accordingly 1,000 additional shares were issued. On March 1, 2004, the fair market value of the stock was $6 per share. For the two months ended February 28, 2004, Milroy sustained a net loss of $10,000. What amount should Milroy report as retained earnings as of March 1, 2004?