Benson Inc. had a credit balance in Retained Earnings on

Benson Inc. had a credit balance in Retained Earnings on December 31, 2014, of $48,000. During 2015, Benson recorded net income of $146,000 and declared and paid dividends of $47,000. During 2016, the company recorded a net loss of $15,000. No dividends were declared or paid in 2016. Calculate the balance in Retained Earnings at December 31, 2016.

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