X Your answer is incorrect. On January 1, 2022, Ivanhoe Corporation had retained earnings of $544,000. During the year, Ivanhoe had the following selected transactions. 1. Declared cash dividends $124,000. 2. Corrected overstatement of 2021 net income because of inventory error $42,000. 3. Earned net income $347,000. 4. Declared stock dividends $62,000. Determine the retained earnings balance at the end of the year. Retained earnings $