Current Attempt in Progress

On January $1,2022,$ Cullumber Corporation had retained earnings of $$543,000.$ During the year, Cullumber had the following selected

transactions.

Declared and paid cash dividends $$123,000.$

Corrected overstatement of $2021$ net income because of inventory error $$41,500.$

Earned net income $$346,500.$

Declared and paid stock dividends $$61,500.$

Determine the retained earnings balance at the end of the year.

Retained earnings $