Eau Claire Paper Mill, Inc., had, at the beginning of the fiscal year, April 1, 2012, retained

Question:

Eau Claire Paper Mill, Inc., had, at the beginning of the fiscal year, April 1, 2012, retained earnings of $323,325. During the year ended March 31, 2013, the company produced net income after taxes of $713,445 and paid out 45 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings?