Exercise 14-08 On January 1, 2020, Blossom Corporation had retained earnings of $541,000. During the year, Blossom had the following selected transactions. 1. 2. 3. Declared cash dividends $121,000. Corrected overstatement of 2019 net income because of inventory error $40,500. Earned net income $345,500. Declared stock dividends $60,500. Determine the retained earnings balance at the end of the year. Retained earnings Click if you would like to Show Work for this question: Open Show Work