Sydney Company had retained earnings of $56,000 and total stockholders’ equity of $75,000 at the beginning of 20X1. During 20X1 the company had net income of $21,000, declared and paid cash dividends of $8,000, and had other comprehensive income of $4,000. Sydney Company neither issued nor bought back shares in 20X1. Compute the retained earnings and total stockholders’ equity at the end of 20X1.
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