Ireland Company's budgeted data for the upcoming year showed total projected assets of $1,275,500 and total projected liabilities of $812,000. The balance of common shares for the year is projected to remain stable at $250,000. The shareholders' equity section of the balance sheet is made up of common shares and retained earnings. No cash dividends will be paid during the year. Ireland Company is budgeting net income for the year of $158,500. Prepare a budgeted balance sheet for end of the year. What was the balance of retained earnings at the beginning of the year? Prepare a budgeted balance sheet for end of the year. Ireland Company Budgeted Balance Sheet Total assets Total liabilities Shareholders' equity: Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity