From the following data, calculate the retained earnings balance as of December 31, 2018: Retained earnings, December

Question:

From the following data, calculate the retained earnings
balance as of December 31, 2018:

Retained earnings, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $630,900
Decrease in total liabilities during 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,400
Gain on the sale of buildings during 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,300
Dividends declared and paid in 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,500
Proceeds from sale of common stock in 2019 . . . . . . . . . . . . . . . . . . . . . . . . 148,200
Net income for the year ended December 31, 2019 . . . . . . . . . . . . . . . . . . 67,800

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...

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