Required information Problem 1-34A Show how events affect the horizontal statements model LO 1-2, 1-3, 1-4,1-5, 1-6, 1-7, 1-8 [The following information applies to the questions displayed below) Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $34,000 cash from the issue of common stock. 2. Borrowed $36,000 cash from National Bank 3. Earned cash revenues of $52,000 for performing services. 4. Paid cash expenses of $47,000 5. Paid a $1,400 cash dividend to the stockholders. 6. Acquired an additional $24,000 cash from the issue of common stock 7. Paid $9,000 cash to reduce the principal balance of the bank note. 8. Paid $57,000 cash to purchase land. 9. Determined that the market value of the land is $80,000. Problem 1-34A Partg g. What is the balance in the Retained Earnings account immediately after Event 3 is recorded? Balance in retained earnings