Refer to the data below. Retained earnings, December 31, 2016 Cost of buildings purchased during 2017 Net income for the year ended December 31, 2017 Dividends declared and paid in 2017 Increase in cash balance from January 1, 2017, to December 31, 2017 Increase in long-term debt in 2017 344,900 45,100 55,100 32,500 22,100 45,700 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2017: Retained earnings