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 $2023$

$44,600$ExercisBeview exercise$-$calculate retained earnings From the following data, calculate the Retained Earnings

$8\mathrm{.}9$ balance as of December $31,2023$:

LO $8-7$