Exercise 8-7 Review exercise-calculate retained earnings Refer to the data below. 340,200 49,700 55,900 32,300 23,900 45,700 Retained earnings, December 31, 2016 Cost of buildings purchased during 2017 Net income for the year ended December 31, 2017 Dividends declared and paid in 2017 Increase in cash balance from January 1, 2017, to December 31, 2017 Increase in long-term debt in 2017 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2017: Retained earnings