From the data given below, calculate the Retained Earnings balance as of December $31,20$X$2.$

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$$

$$

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Retained earnings, December $31,20$X$1$

$

$840,000$

Cost of equipment purchased during $20$X$2$

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$250,000$

Net loss for the year ended December $31,20$X$2$

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$86,000$

Dividends declared and paid in $20$X$2$

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$110,000$

Decrease cash balance from January $1,20$X$2,$ to December $31,20$X$2$

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$24,000$

Decrease in long$-$term debt in $20$X$2$ $$134,000$