The company's end-of-year balance sheet consisted of the following amounts:

Cash $78000 Accounts Receivable $280000

Property, plant & Equipment 390000 Long-term debt 200,000

Capital Stock 500,000 Accounts payable 100,000

Retained Earnings ? Inventory 160000

Refer to the company's financial information above and determine the retained earnings balance at the end of the current year.