Grason Corporation is preparing a budgeted balance sheet for current year. The retained earnings balance at December 31, of the previous year was $528,500. The current year budgeted income statement shows expected net income of $109,500. The company expects to declare dividends during the current year amounting to $37,500. The expected balance on December 31 of the current year in retained earnings on the budgeted balance sheet is: 15 Multiple Choice $600,500 $638,000 $528,500 $491,000. $675,500