On January 1,2022, Crane Corporation had retained earnings of $542,000. During the year, Crane had the following selected transactions. 1. Declared and paid cash dividends $122,000. 2. Corrected overstatement of 2021 net income because of inventory error $41,000. 3. Earned net income $346,000. 4. Declared and paid stock dividends $61,000. Determine the retained earnings balance at the end of the year. Retained earnings