Ireland Company’s budgeted data for the upcoming year showed total projected assets of $1,275,500 and total projected liabilities of $812,000. The balance of common stock for the year is projected to remain stable at $250,000. The shareholders’ equity section of the balance sheet is made up of common stock and retained earnings. No cash dividends will be paid during the year. Ireland Company is budgeting net income for the year of $158,500. Prepare a budgeted balance sheet for end of the year. What was the balance of retained earnings at the beginning of the year?
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