Calculating the Balance in Retained Earnings The following information is provided for Fey Corp. for the year ended December 31. Sales $66,000 Cost of goods sold 27,000 General and administrative expenses 15,000 Unrealized gain on available-for-sale securities 1,200 Dividends declared and paid 7,200 Prior period adjustment, net of tax (expense understatement) 1,320 Stock dividends distributed 3,600 Treasury stock at cost 2,400 Retained earnings, beginning balance 78,000 Required Assuming a 25% tax rate,