Exercise 14-08 On January 1, 2020, Cullumber Corporation had retained earnings of $532,000. During the year, Cullumber had the following selected transactions. 1. Declared cash dividends $112,000. 2. Corrected overstatement of 2019 net income because of inventory error $36,000. 3. Earned net income $341,000. 4. Declared stock dividends $56,000. Determine the retained earnings balance at the end of the year. Retained earnings