Refer to the data below. Retained earnings, December 31, 2019 Cost of buildings purchased during 2020 Net income for the year ended December 31, 2020 Dividends declared and paid in 2020 Increase in cash balance from January 1, 2020, to December 31, 2020 Increase in long-term debt in 2020 $343,900 40,900 56,700 32,400 23,500 44,900 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020: Retained earnings