Exercise 2-12 (Algo) Calculate retained earnings LO 2,3 Retained earnings, December 31, 2019 Decrease in total liabilities during 2019 Gain on the sale of buildings during 2019 Dividends declared and paid in 2019 $105,150 22,900 8,050 2,250 Proceeds from sale of common stock in 2019 Net income for the year ended December 31, 2019 24,700 11,300 Required: From the above data, calculate the retained earnings balance as of December 31, 2018. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2019 Retained earnings, December 31, 2018 Retained earnings, December 31, 2019