Retained earnings balance at the beginning of the year Cash dividends declared for the year Proceeds from the sale of equipment Gain on the sale of equipment Cash dividends payable at the beginning of the year Cash dividends payable at the end of the year Net income for the year $248,000e 53,750 91,600 4,950 23,650 31,500 118,250 The ending balance in retained earnings is Multiple Choice $317,450. $312,500 $239,950. $320,900 $366,250