Retained earnings, December 31, 2019 Decrease in total liabilities during 2019 Gain on the sale of buildings during 2019 Dividends declared and paid in 2019 Proceeds from sale of common stock in 2019 Net income for the year ended December 31, 2019 $504,720 109,920 38,640 10,800 118,560 54,240 Required: From the above data, calculate the retained earnings balance as of Decem indicate a negative financial statement effect.) Answer is complete but not entirely correct. Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2019 Retained earnings, December 31, 2018 $ 504,720 X Add: Net income 54,240 Less: Dividends 10,800 X Retained earnings, December 31, 2019 $ 548,160