Task: Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2007.
Retained earnings, December 31,2006.................................... $311,800
Cost of equipment purchased during 2007............................... 32,400
Net loss for the year ended December 31, 2007....................... 4,700
Dividends declared and paid in 2007........................................ 18,500
Decrease in cash balance from January 1, 2007, to December 31, 2007..... 13,600
Decrease in long-term debt in 2007...................................... 14,800