Exercise 8-9 (Algo) Review exercise-calculate retained earnings LO 8-7 Refer to the data below. Retained earnings, December 31, 2022 Cost of buildings purchased during 2023 Net income for the year ended December 31, 2023 Dividends declared and paid in 2023 Increase in cash balance from January 1, 2023, to December 31, 2023 Increase in long-term debt in 2023 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2023. Retained earnings $ 341,000 48,400 56,800 32,300 23,900 45,900 Check my work