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.
$\begin{array} { l l } \text { Retained earnings, December } 31 \text { (prior year) } & \$ 280,000 \\\text { Cost of goods sold } & \$ 90,000 \\\text { Other operating expenses } & \$ 54,000 \\\text { Cash dividends } & \$ 31,800 \\\text { Correction of understatement of net income in prior } & \\\text { period (inventory error) } & \$ 23,000 \\\text { Stock dividends } & \$ 20,000 \\\text { Net income } & \$ 36,000\end{array}$