At the beginning of the current physical year, the balance sheet of XYZ Co. showed liabilities of $430,000. During the year, liabilities decrease by $73,000, assets increase by $150,000, and paid -in capital increased by $17,000 to $388,000. Dividends declared and paid during the year were $127,000. At the end of the year, stockholders' equity totaled $759,000.

Required;

Calculate net income or loss for the year. Amount to be deducted should be indicated with a minus sign.

Stockholders' Equity

Assets Liabilities PIC RE

Beginning

Changes

Ending

*** Refer to the data below;

Retained earnings, December 31, 2020 $588,480

Net decrease in total assets during 2020 89,760

Net increase in accounts receivable in 2020 20,640

Dividends declared and paid in 2020 80,640

Proceeds from issuance of bonds during 2020 212,160

Net loss for the year ended December31, 2020 55,200

Required;

From the above data, calculate the Retained Earnings balance as of December 31, 2019.