18. Mystic Falls, Inc. had ending retained earnings of $2,300,000 on 12/31/21. During fiscal year 2021, they earned net income of $370,000 paid stock dividends of $50,000 and cash dividends of $20,000. They also purchased inventory for $40,000, paid $10,000 on their long-term debt, and bought back treasury stock for $5,000. Calculate the beginning retained earnings balance on 1/1/21. Show your work.