emerald company is preparing a statement of stockholders' equity for 2023. on january 1, 2023, emerald started the year with a $400,000 credit balance in its retained earnings account. during 2023, the company earned net income of $280,000. emerald declared dividends of $160,000 and paid $100,000 of those dividends. also, the company received cash of $200,000 for additional shares of common stock issued and then paid $60,000 to repurchase shares of common stock. what is the balance in retained earnings on december 31, 2023?