Kingscraft Inc., a company with headquarters in London, England, is a fully owned subsidiary of Dover Company. The accountant for Dover just received Kingscrafts financial statements and must translate them from British pounds into U.S. dollars to prepare consolidated financial statements. Income statement and balance sheet data for the year just ended, along with relevant exchange rates, are as follows:

	(in pounds)
Revenues	445,000
Cost of goods sold	260,000
Gross margin	185,000
Other expenses	80,000
Net income	105,000
Cash	46,000
Accounts receivable	102,000
Inventory	84,000
Plant and equipment	172,000
Total assets	404,000
Current liabilities	62,000
Long-term debt	54,000
Common stock	90,000
Retained earnings	198,000
Total liabilities and equity	404,000

Exchange rates follow. The numbers shown are the U.S. dollar equivalent of one pound.

On date of purchase	$2.03
Average rate for the year	1.87
On the balance sheet date	1.84
On date of dividend payment	1.89

In addition, dividends of 60,000 pounds were paid during the year. Kingscrafts translated financial statements at year-end result in a translation adjustment with a debit balance of $73,000.

Instructions: Determine Kingscrafts Retained Earnings balance, in U.S. dollars, at the beginning of the year.