Grason Corporation is preparing a budgeted balance sheet for 2018. The retained earnings balance at December 31, 2017 was $542,500. The 2018 budgeted income statement shows expected net income of $116,500. The company expects to declare dividends during 2018 amounting to $44,500. 68 The expected balance in retained earnings on the 2018 budgeted balance sheet is: Skipped Multiple Choice $659,000. $703,500. $614.500 $542,500 $498,000