Given the following information about a corporation's current year activities, compute the retained earnings for the current year

178. Given the following information about a corporation' s current year activities, compute the retained earnings for the current year. Retained earnings, December 3 1 (prior year) Cost of goods sold Other operating expenses Cash dividends Correction of understatement of net income in prior period (inventory error) Stock dividends Net income S280,ooo 90,000 $54,000 S31,800 S23,ooo S20,ooo S36,ooo