Exercise $8-9($Algo$)$ Review exercise$-$calculate retained earnings LO $8-7$

Refer to the data below.

Retained earnings, December $31,2022$

Cost of buildings purchased during $2023$

Net income for the year ended December $31,2023$

Dividends declared and paid in $2023$

Increase in cash balance from January $1,2023,$ to December $31,2023$

Increase in long$-$term debt in $2023$

$$344,700$

$41,500$

$56,200$

$32,500$

$23,700$

$44,500$

Required:

From the above data, calculate the Retained Earnings balance as of December $31,2023.$

Retained earnings