# Question

Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2012:
Retained earnings, December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . \$420,600
Decrease in total liabilities during 2013 . . . . . . . . . . . . . . . . . . . . . . . . . 91,600
Gain on the sale of buildings during 2013 . . . . . . . . . . . . . . . . . . . . . . . 32,200
Dividends declared and paid in 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Proceeds from sale of common stock in 2013 . . . . . . . . . . . . . . . . . . . . . 98,800
Net income for the year ended December 31, 2013 . . . . . . . . . . . . . . . . 45,200

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