From the data given below, calculate the Retained Earnings balance of December 31, 2022.

Required:

Prepare the retained earning portion of a statement of changes in stockholders' equity for the year ended December 31, 2023.

Note: Enter decreases with a minus sign to indicate a negative financial statement effect.

Retained earnings, December 31, 2023	$ 345,000
Increase in total liabilities during 2023	99,000
Gain on the sale of buildings during 2023	42,000
Dividends declared and paid in 2023	27,000
Proceeds from sale of common stock in 2023	96,000
Net income for the year ended December 31, 2023	123,000

Statement of Stockholders' Equity (Partial)
For Year Ended December 31, 2023
Retained earnings, of December 31, 2022
Retained earnings, December 31, 2023