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Financial Accounting

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Crit Inc. Solve for Retained Earnings Equity

FINACT-MNEXR1

Crit Inc.'s incomplete stockholder's equity section is shown below.

Incomplete stockholder's equity section:
Common stock, $2 par, 1,000,000 shares authorized, — ? — shares issued \$700,000
Paid in capital in excess of par \$160,000
Retained earnings — ? —
Treasury stock (2,000 shares of common stock) \$8,000

If total equity is \$974,000, what is the amount of Retained Earnings?