2. Given the following information about a corporation's current year activities, I. Compute the retained earnings for the current year. Retained earnings, December 31 (prior year) $280,000 Cost of goods sold $90,000 Other operating expenses S54,000 Cash dividends $31,800 Correction of understatement of net income in prior period (inventory error) $23,000 Stock dividends $20,000 Net income $36,000