Exercise 8-9(Algo) Review exercise-calculate retained earnings LO 8-7 Refer to the data below. ...

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Accounting

Exercise 8-9(Algo) Review exercise-calculate retained earnings LO 8-7
Refer to the data below.
Retained earnings, December 31,2022
Cost of buildings purchased during 2023
Net income for the year ended December 31,2023
Dividends declared and paid in 2023
Increase in cash balance from January 1,2023, to December 31,2023
Increase in long-term debt in 2023
$344,700
41,500
56,200
32,500
23,700
44,500
Required:
From the above data, calculate the Retained Earnings balance as of December 31,2023.
Retained earnings
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