Review exercise—calculate retained earnings From the following data, calculate the Retained Earnings balance as of December 31, 2011:

Retained earnings, December 31, 2010

$346,400

Cost of buildings purchased during 2011

41,800

Net income for the year ended December 31, 2011

56,900

Dividends declared and paid in 2011

32,500

Increase in cash balance from January 1, 2011, to December 31, 2011

23,000

Increase in long term debt in 2011

44,600