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On January 1 , 2 0 2 2 , Blossom Corporation had retained earnings of $ 5 4 1 , 0 0 0 . During

On January 1,2022, Blossom Corporation had retained earnings of $541,000. During the year, Blossom had the following selected transactions.
Declared and paid cash dividends $1,000.
Corrected overstatement of 2021 net income because of inventory error $40,500.
Earned net income $345,500.
Declared and paid stock dividends $60,500.
Determine the retained earnings balance at the end of the year.
Retained earnings
$
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