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

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