Bayou Corporation produced the following draft statement of financial position at December 31, 2020. Bayou Corporation Statement of Financial Position December 31, 2020 Current Assets $518,950 Current liabilities $406,600 Investments 684,800 Long-term 1,027,200 liabilities Property, plant, 1,840,400 Shareholders' 1,893,900 and equipment equity (see additional information items #7 and 8 below) Intangible assets Total Assets 283,550 $3,327,700 Total Liabilities and Shareholders' Equity $3,327,700 The following additional information is available: 1. The current assets section includes the following: cash $160,500; accounts receivable $181,900, less $10,700 allowance for doubtful accounts; inventory $192,600; and warranty payable $5,350. The cash balance is composed of $203,300, less a bank overdraft of $42,800 (at a separate financial institution). Inventory is stated at the lower of FIFO cost and net realizable value. 2. The investments section includes the following: note receivable from a related company, due in 2026, $42,800; FV-NI investments in shares $85,600 (fair value $85,600); FV-OCI investments in shares $133,750 (fair value $165,850); bond sinking fund $267,500; and patents $123,050, net of accumulated amortization. 3. Property, Plant, and Equipment include buildings $1,112,800, less accumulated depreciation $385,200; equipment $481,500, less accumulated depreciation $192,600; land $535,000; and land held for future use $288,900 4. Intangible Assets include goodwill valued at $283,550. 5. Current liabilities include the following: accounts payable $149,800; short term notes payable, $85,600, long-term notes payable, $128,400; and income tax payable $42,800. 6. Long-term liabilities as stated in the statement of financial position above are composed solely of 7% bonds payable issued at a discount, due in 2028 7. Shareholders' equity has 70,000 preferred shares (200,000 authorized), which were issued for $481,500, and 107,000 common shares (unlimited number authorized), which were issued at an average price of $10 per share. In addition, the corporation has accumulated other comprehensive income of $32,100. 8. Find the value of retained earnings to balance the statement of financial position.