A company reported retained earnings of $292,000 at December 31 of the prior year. Calculate the retained earnings balance at December 31 of the current year using the following data. Net income for the current year is $48,000. Cash dividends declared and paid for the current year is $64,000. This year the company discovered a math error from two years ago; to correct for this, $35,000 (net of tax) must be added to the current year's beginning retained earnings balance.

A company reported retained earnings of $292,000 at December 31 of the prior year. Calculate the retained earnings balance at December 31 of the current year using the following data. - Net income for the current year is $48,000. - Cash dividends declared and paid for the current year is $64,000. - This year the company discovered a math error from two years ago; to correct for this, $35,000 (net of tax) must be added to the current year's beginning retained eamings balance