Question: Retained earnings, December 31, 2019 $ 357,510 Decrease in total liabilities during 2019 77,860 Gain on the sale of buildings during 2019 27,370 Dividends declared


Retained earnings, December 31, 2019	$	357,510
Decrease in total liabilities during 2019		77,860
Gain on the sale of buildings during 2019		27,370
Dividends declared and paid in 2019		7,650
Proceeds from sale of common stock in 2019		83,980
Net income for the year ended December 31, 2019		38,420

Required: From the above data, calculate the retained earnings balance as of December 31, 2018. (Enter decreases with a minus sign to indicate a negative financial statement effect.)

Retained earnings, December 31, 2019 $ 357,510 Decrease in total liabilities

Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2019 Retained earnings, December 31, 2018 Add: Net income Less: Dividends Retained earnings, December 31, 2019 $ 357,510

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