On January 1,2022, Sheridan Corporation had retained earnings of $547,000. During the year, Sheridan had the following selected transactions. 1. Declared and paid cash dividends $127,000. 2. Corrected overstatement of 2021 net income because of inventory error $43,500. 3. Earned net income $348,500. 4. Declared and paid stock dividends $63,500. Determine the retained earnings balance at the end of the year. Retained earnings $