Refer to the data below. Retained earnings, December 31, 2019 $344,000 Cost of buildings purchased during 2020 42,700 Net income for the year ended December 31, 2020 Dividends declared and paid in 2020 55,900 32,400 Increase in cash balance from January 1, 2020, to December 31, 2020 Increase in long-term debt in 2020 23,400 44,900 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020: Retained earnings