iPlace, Inc., was set to report the following statement of retained earnings for the year ended December

Question:

iPlace, Inc., was set to report the following statement of retained earnings for the year ended December 31, 2010:
iPlace, Inc.
Statement of Retained Earnings
Year Ended December 31, 2010
Retained earnings, December 31, 2009................. $ 71,000
Net income for 2010............................................. 97,000
Dividends for 2010............................................... (26,000)
Retained earnings, December 31, 2010................. $142,000