A company reports the following changes in retained earnings for the year ending December 31, 2023: the Retained Earnings balance at the beginning of the year was $600,000. Throughout the year, the company earned a Net Income of $350,000. Cash Dividends declared amounted to $100,000, and Stock Dividends issued were valued at $50,000 (market value). Additionally, a prior period adjustment resulted in a $25,000 reduction in earnings due to the correction of an error. Calculate the Total Dividends Declared (the sum of cash and stock dividends) and explain their impact on retained earnings. Then, determine the Ending Retained Earnings as of December 31, 2023, and discuss how retained earnings reflect the company’s reinvested profits.