Atlas Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2014:
Retained earnings, February 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . $48,110,000
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,330,000
Cash dividends declared. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
Stock dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000
Prepare a retained earnings statement for the fiscal year ended January 31, 2014.