Wendell Company provided the following pertaining to its recent year of operation: • Common stock with a $10,000 par value was sold for $46,000 cash. • Cash dividends totaling $21,400 were declared, of which $16,400 were paid. • Net income was $66,000. • A 5% stock dividend resulted in a distribution of common stock with a par value of $5,000 and a market value of $24,400 • Treasury stock costing $10,400 was sold for $8,400. How much did Wendell's retained earnings increase during the recent year of operation?