The first year of operations for a company was 2010. The net income for the year 2010 was $20,000 and dividends of $12,000 were paid. In 2011, the company reported net income of $34,000 and paid dividends of $5,000. At the end of 2010, the company had total assets of $150,000, and at the end of 2011, total assets were $240,000.
What is the amount of retained earnings at the end of 2011?