Baltimore Manufacturing, Inc., had net income for 2010 of $58,280. During the fiscal year, which began on January 1, 2010, the company declared and paid dividends of $5,500. On the balance sheet at December 31, 2010, the balance in retained earnings was $295,880. What was the December 31, 2009, balance (i.e., the beginning balance) in retained earnings?
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