Exercise 8-8 Review exercise-calculate retained earnings

Refer to the data below.

Retained earnings, December 31, 2017	$	514,920
Net decrease in total assets during 2017		78,540
Net increase in accounts receivable in 2017		18,060
Dividends declared and paid in 2017		70,560
Proceeds from issuance of bonds during 2017		185,640
Net loss for the year ended December 31, 2017		48,300

Required: From the above data, calculate the Retained Earnings balance as of December 31, 2016:

Retained earnings

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