Bill owns a small business selling e-sports accessories. His balance sheet at the end of last year showed retained earnings of $11,230. The following facts relate to Bill's activities this year. Bill declared and paid a dividend of $1,030.
Bill issued 40 new shares of stock. Investors paid $30 per share.
Bill earned net income of $40,682
What dollar value of retained earnings should Bill report on his balance sheet at the end of this year?