Balanced Sheet:	Beginning Balance	Ending Balance	Average Balance
Assets
Cash	$ 150,000	$ (310,000)	$ (80,000)
Accounts receivable	$ 180,000	100,000	140,000
Inventory	$ 240,000	120,000	180,000
Property, plant & equipment (net)	$ 793,000	753,000	773,000
Other assets	$ 37,000	37,000	37,000
Total assets	$ 1,400,000	$ 700,000	$ 1,050,000
Liabilities & stockholders' equity
Accounts payable	$ 80,000	40,000	$ 60,000
Bonds payable	$ 550,000	250,000	400,000
Common stock	$ 410,000	410,000	410,000
Retained earnings	$ 360,000
Total liabilities & stocholders' equity	$ 1,400,000	$ 700,000	$ 870,000
Edman Company
Income Statement
Sales	$ 2,500,000
Variable expenses:
Cost of goods sold	1,600,000
Variable selling expense	240,000
Total variable expenses	1,840,000
Contribution margin	660,000
Fixed expenses:
Fixed selling expense	220,000
Fixed administrative expense	300,000
Total fixed expenses	520,000
Net operating income	140,000
Interest expense (8%)	32,000
Net income before tax	108,000
Tax expense (30%)	32,400
Net income	$ 75,600

Given the following information, how do you find ending retained earnings?