Current Attempt in Progress On January 1, 2022, Sandhill Corporation had retained earnings of $550,000. During the year, Sandhill had the following selected transactions. 1. Declared cash dividends $130,000. 2. Corrected overstatement of 2021 net income because of inventory error $45,000. 3. Earned net income $350,000. 4. Declared stock dividends $65,000. Determine the retained earnings balance at the end of the year. Retained earnings $