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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