Exercise 8-8 Review exercise-calculate retained earnings From the following data: Retained earnings, December 31, 2014 $ 514,920 Net decrease in total assets during 2014 78,540 Net increase in accounts receivable in 2014 18,060 Dividends declared and paid in 2014 70,560 Proceeds from issuance of bonds during 2014 185,640 Net loss for the year ended December 31, 2014 48,300 Required: Calculate the Retained Earnings balance as of December 31, 2013.