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Problem - On January 1, 2022, Pharoah Corporation had retained earnings of $546,000. During the year, Pharoah had the following selected transactions.
1. Declared cash dividends $126,000.
2. Corrected overstatement of 2021 net income because of inventory error $43,000.
3. Earned net income $343,000.
4. Declared stock dividends $63,000.
Required - Determine the retained earnings balance at the end of the year.
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