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Hutch Corporation completed their fiscal year ending 3/31/2010 with $88,000 of total income. They issued dividends of 22,000 at year end. At the year on 3/31/2011, they had a total loss of ($46,000) and didn't distribute any dividends. In the fiscal year ending 3/31/2012 their total income was 55,000 and dividend ends were 15,000. Determine the projected ending retained earnings balance as of 3/31/2012 supposing that 2010 was their first year of business.

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