Crane Paper Mill, Inc, had, at the beginning of the current fiscal year, retained earnings of $320,100. During the year, the company produced net income after taxes of $713,375 and paid out 45 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings. (Round answers to 2 decimal places, e.g. 15.25. List items that increase retained earnings first.)