From the following data, calculate the retained earnings balance as of December 31, 2016: retained earnings, December 31, 2015 = $623,600 Cost of equipment purchased during 2016 = 64,800 Net loss for the year ended December 31, 2016 = 9,400 Divedends declared and paid in 2016 = 37,000 Decrease in cash balance from January 1, 2016, to December 31, 2016 = 27,200 Decrease in long term debt in 2016 = 29,600
