Exercise 14-08 On January 1, 2020, Sheridan Corporation had retained earnings of $547,000. During the year, Sheridan had the following selected transactions. 1. Declared cash dividends $127,000 2. Corrected overstatement of 2019 net income because of inventory error $43,500. 3. Earned net income $348,500 4. Declared stock dividends $63,500 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