Exercise 14-08 On January 1, 2020, Cullumber Corporation had retained earnings of $543,000. During the year, Cullumber had the following selected transactions. 1. 2. 3. Declared cash dividends $123,000. Corrected overstatement of 2019 net income because of inventory error $41,500. Earned net income $346,500. Declared stock dividends $61,500. Determine the retained earnings balance at the end of the year. Retained earnings $ Chirk if you would like to Show Work for this question: Open Show Work Exercise 14-08 Your answer is correct. On January 1, 2020, Cullumber Corporation had retained earnings of $543,000. During the year, Cullumber had the following selected transactions. 1. 2. Declared cash dividends $123,000. Corrected overstatement of 2019 net income because of inventory error $41,500. Earned net income $346,500. Declared stock dividends $61,500. 3. Determine the retained earnings balance at the end of the year. Retained earnings 663500 lick if you would like to show Work for this question: Open Show Work