From the following data, calculate the retained earnings balance as of December 31, 2019:

Retained earnings, December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $623,600
Cost of equipment purchased during 2019 . . . . . . . . . . . . . . . . . . . . . . . . . .     64,800
Net loss for the year ended December 31, 2019 . . . . . . . . . . . . . . . . . . . . . .      9,400
Dividends declared and paid in 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     37,000
Decrease in cash balance from January 1, 2019 to December 31, 2019 ....    27,200
Decrease in long-term debt in 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     29,600