Refer to the data below.        Retained earnings, December 31, 2020 $ 416,840 Net decrease in total assets during 2020   63,580 Net increase in accounts receivable in 2020   14,620 Dividends declared and paid in 2020   57,120 Proceeds from issuance of bonds during 2020   150,280 Net loss for the year ended December 31, 2020   39,100   Required:From the above data, calculate the Retained Earnings balance as of December 31, 2019:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Refer to the data below.
 

     
Retained earnings, December 31, 2020 $ 416,840
Net decrease in total assets during 2020   63,580
Net increase in accounts receivable in 2020   14,620
Dividends declared and paid in 2020   57,120
Proceeds from issuance of bonds during 2020   150,280
Net loss for the year ended December 31, 2020   39,100
 


Required:
From the above data, calculate the Retained Earnings balance as of December 31, 2019:

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