Exercise 14-08 Your answer is incorrect. Try again On January 1, 2020, Oriole Corporation had retained earnings of $545,000. During the year, Oriole had the following selected transactions. 1. Declared cash dividends $125,000 2. Corrected overstatement of 2019 net income because of inventory error $42,500. 3. Earned net income $347,500 4. Declared stock dividends $62,500. Determine the retained earnings balance at the end of the year. Retained earning:s Click if you would like to Show Work for this question: Open Show Work