Question - Given the following information about a corporation's current year activities, answer the question below:
Retained Earnings, December 31 (Prior Year............ $250,000
Cost of Goods Sold............................................. $90,000
Other Operating Expenses..................................... $54,000
Cash Dividends $30,000
Period (Inventory error)....................................... $23,000
Stock dividends $20,000
Net Income $36,000
Retained Earnings, December 31 (prior Year)............ $250,000
Compute the retained earnings for the current year?