Given the following information about a corporation's current year activities, I. Compute the retained earnings for the current year. II. Retained earnings, December 31 (prior year) $750,000 Cost of goods sold $380,000 Other operating expenses $95,000 Cash dividends $120,000 Correction of overstatement of net income in prior period (inventory error) $75,000 Stock dividends $55,000 Net income $285,000