Exercise 8-8 Review exercise-calculate retained earnings Refer to the data below. Retained earnings, December 31, 2017 Net decrease in total assets during 2017 Net increase in accounts receivable in 2017 Dividends declared and paid in 2017 Proceeds from issuance of bonds during 2017 Net loss for the year ended December 31, 2017 $539,440 82,280 18,920 73,920 94,480 50,600 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2016 Retained earnings