From the Data Given Below, Calculate the Retained Earnings Balance

question 23

Essay

From the data given below, calculate the Retained Earnings balance as of December 31, 2014. $$\begin{array} { l r } \text { Retained earnings, December } 31,2013 & \$ 420,000 \\\text { Cost of equipment purchased during } 2014 & 125,000 \\\text { Net loss for the year ended December } 31,2014 & 43,000 \\\text { Dividends declared and paid in } 2014 & 55,000 \\\text { Decrease in cash balance from January 1, 2014, } & \\\quad \text { to December } 31,2014 & 12,000 \\\text { Decrease in long-term debt in } 2014 & 67,000\end{array}$$ Prepare the retained earnings portion of a statement of changes in stockholders' equity for the year ended December 31, 2014:

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