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Case II. Statement of Changes in Equity On February 1, 2X16, the balance of the retained earnings account of Blue Power Corporation was P315,000. Revenues for February totaled P61,000, of which P57,500 was collected in cash. Expenses for February totaled P65,000, of which P54,000 was paid in cash. Dividends declared and paid during February were P6,000. Required ( 1 item x 5 points): Calculate the retained earnings balance at February 28, 2X16