Given the Following Information About a Corporation's Current Year Activities

Given the following information about a corporation's current year activities, compute the retained earnings for the current year.
$$\begin{array} {| l | c| } \hline \text { Retained earnings, December } 31 \text { (prior year) } & \$ 280,000 \\\hline \text { Cost of goods sold } & \$ 90,000 \\\hline \text { Other operating expenses } & \$ 54,000 \\\hline \text { Cash dividends } & \$ 31,800 \\\hline \begin{array} { l } \text { Correction of understatement of net income in prior period (inventory } \\\text { error) }\end{array} & \$ 23,000 \\\hline \text { Stock dividends } & \$ 20,000 \\\hline \text { Net income } & \$ 36,000 \\\hline\end{array}$$