Based on the information below and using the equation Assets = Liabilities + Equity, what is the balance of accumulated retained earnings? Assets Current assets: Previous Year Cash 10,000 Inventory 127,000 Accounts receivable 359,000 Total current assets 496,000 Fixed assets: Previous Year Property and equipment 567,800 Less Accumulated Depreciation 56,780 Total Fixed assets 511,020 Liabilities and owner's equity Current liabilities: Previous Year Accounts payable 275,000 Wages payable 58,000 Income taxes payable 47,000 Total current liabilities 380,800 Long-term liabilities: Previous Year Bonds payable Total long-term liabilities Owner's equity: Previous Year Common Stock 200,000 Accumulated retained earnings 7 Total owner's equity