On January $1,2022,$ Blue Spruce Corp. had retained earnings of $$493,000.$ During the year, Blue Spruce had the following selected transactions.

Declared cash dividends $$125,000.$

Earned net income $$351,000.$

Declared stock dividends $$65,000.$

Determine the retained earnings balance at the end of the year. $($List items that increase retained earnings first.$)$

Blue Spruce Corp.

Retained Earnings Statement