abc company has the following beginning balances in its stockholders' equity accounts on january 1, 2021: common stock ($2 par value), $1,100; additional paid-in capital, $4,200; retained earnings, $29,000; total stockholders' equity, $34,300. abc company has the following transactions affecting stockholders' equity in 2021: may 18 issues 120 additional shares of $2 par value common stock for $15 per share. may 31 purchases 40 shares of treasury stock for $40 per share. july 1 declares a cash dividend of $1 per share to all stockholders of record on july 15. hint: dividends are not paid on treasury stock. july 31 pays the cash dividend declared on july 1. august 10 resells 15 shares of treasury stock purchased on may 31 for $54 per share. december 31 net income for the year ended december 31, 2021, is $600. required: what is the balance of retained earnings on december 31, 2021?