Refer to the data below. retained earnings, december 31, 2019 $ 342,900 cost of buildings purchased during 2020 40,700 net income for the year ended december 31, 2020 55,000 dividends declared and paid in 2020 32,500 increase in cash balance from january 1, 2020, to december 31, 2020 23,200 increase in long-term debt in 2020 45,900 required: from the above data, calculate the retained earnings balance as of december 31, 2020: