Grason Corporation is preparing a budgeted balance sheet for current year. The retained earnings balance at December 31, of the previous year was $530,500. The current year budgeted income statement shows expected net income of $110,500. The company expects to declare dividends during the current year amounting to $38,500. The expected balance on December 31 of the current year in retained earnings on the budgeted balance sheet is: Multiple Choice $530,500. $602,500. $641,000. $492,000. $679,500