Exercise 14-08 On January 1, 2020, Sunland Corporation had retained earnings of $548,000. During the year, Sunland had the following selected transactions. 1. 2. 3. 4. Declared cash dividends $128.000. Corrected overstatement of 2019 net income because of inventory error $44,000. Earned net income $349,000. Declared stock dividends $64,000. Determine the retained earnings balance at the end of the year. Retained earnings