calculate the retained earnings balance as of December 31, 2017.

Exercise 8-7 Review exercise-calculate retained earnings Refer to the data below. Retained earnings, December 31, 2016 Cost of buildings purchased during 2017 Net income for the year ended December 31, 2017 Dividends declared and paid in 2017 Increase in cash balance from January 1, 2017 to December 31, 2017 Increase in long-term debt in 2017 $ 343,500 42,500 56,200 32,700 22, 100 44,600 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2017 Retained earnings References