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On January 1, 2022, Sunland Corporation had retained earnings of $548,000. During the year, Sunland had the following selected transactions. 1. Declared cash dividends $128,000. 2. Corrected overstatement of 2021 net income because of inventory error $44,000. 3. Earned net income $349,000. 4. Declared stock dividends $64,000.

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The retained earnings balance at the end of the year is $661,000.

Retained earnings balance

Using this formula

Ending retained earning = Beginning  retained earning balance - Cash dividend declared - Overstatement of inventory error + Net income - Stock dividend declared

Let plug in the formula

Ending retained earning= $548,000 - $128,000 - $44,000 + $349,000 - $64,000

Ending retained earning= $661,000

Therefore the retained earnings balance at the end of the year is $661,000.

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