Question: From the data given below, calculate the Retained Earnings balance of December 31, 2019. Retained earnings, December 31, 2020 $ 345,000 Increase in total liabilities

From the data given below, calculate the Retained Earnings balance of December 31, 2019.

Retained earnings, December 31, 2020

$

345,000

Increase in total liabilities during 2020

99,000

Gain on the sale of buildings during 2020

42,000

Dividends declared and paid in 2020

27,000

Proceeds from sale of common stock in 2020

96,000

Net income for the year ended December 31, 2020

123,000

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