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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