culate retained earnings From the following data, calculate the retained earn- Exercise 2.12 balance as of December 31, 2015: LO 2,3 Decrease in total liabilities during 2016 Gain on the sale of buildings during 2016.. . Dividends declared and paid in 2016................... . . . . Proceeds from sale of common stock in 2016 Net income for the year ended 45,800 16,100 4,500 49,400