Review exercise-calculate retained earnings From the following data, calculate the Retained Earnings balance as of December 31, 2016:

Retained earnings, December 31, 2017 .................. $490,400

Net decrease in total assets during 2017 ..................... 74,800

Net increase in accounts receivable in 2017 ................ 17,200

Dividends declared and paid in 2017 ............................ 67,200

Proceeds from issuance of bonds during 2017 ........ 176,800

Net loss for the year ended December 31, 2017 ....... 46,000