A company's retained earnings balance at the end of the current year is $704,360. During the year, the company had net income of $140,840, and new capital spending of $169,120. The company uses a debt-to-equity ratio of 2.20 for the capital spending and strictly adheres to a residual dividend policy. What was the retained earnings balance at the beginning of the current year? $635,222 $651,510 $667,798 $684,086 $700,373