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Question - On January 1, 2020, Carla Vista Corporation had retained earnings of $538,000. During the year, Carla Vista had the following selected transactions.
1. Declared cash dividends $118,000.
2. Corrected overstatement of 2019 net income because of inventory error $39,000.
3. Earned net income $344,000.
4. Declared stock dividends $59,000.
Required - Determine the retained earnings balance at the end of the year.
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