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Review exercise calculate retained earnings From the following data, calculate the Retained Earnings balance as of December 31, 2023: Retained earnings, December 31, 2022 $346,400

Cost of buildings purchased during 2023 41,800

Net income for the year ended December 31, 2023 56,900

Dividends declared and paid in 2023 32,500

Increase in cash balance from January 1, 2023, to December 31, 2023 23,000

Increase in long-term debt in 2023 44,600

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