Exercise 8-7 (Static) Review exercise-calculate retained earnings Refer to the data below. Retained earnings, December 31, 2019 Cost of buildings purchased during 2020 Net income for the year ended December 31, 2020 Dividends declared and paid in 2020 Increase in cash balance from January 1, 2020, to December 31, 2020 Increase in long-term debt in 2020 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020: 5 Retained earnings $ 692,800 83,600 113,800 65,000 46,000 89,200