Question: From the data given below, calculate the Retained Earnings balance as of December 31, 2004. Retained Earnings, December 31, 2003 ......... $ 420,000 Cost of

From the data given below, calculate the Retained Earnings balance as of December 31, 2004.

Retained Earnings, December 31, 2003 ......... $ 420,000

Cost of equipment purchased during 2004 ........ 125,000

Net loss for the year ended December 31, 2004 ....... 43,000

Dividends declared and paid in 2004 ............ 55,000

Decrease in cash balance from Jan. 1, 2004 to Dec. 31, 2004 . 12,000

Decrease in long-term debt in 2004 ........... 67,000



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