Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2012:

Question:

Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2012:
Retained earnings, December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . $420,600
Decrease in total liabilities during 2013 . . . . . . . . . . . . . . . . . . . . . . . . . 91,600
Gain on the sale of buildings during 2013 . . . . . . . . . . . . . . . . . . . . . . . 32,200
Dividends declared and paid in 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Proceeds from sale of in 2013 . . . . . . . . . . . . . . . . . . . . . 98,800
Net income for the year ended December 31, 2013 . . . . . . . . . . . . . . . . 45,200

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...