Stone Culture Corporation was organized on January 1, 2012. For its first two years of operations, it reported the following:
Net Income for 2012............ $40,000................... Dividends for 2013........ $ 20,000
Net Income for 2013.............. 45,000....... Total assets at the end of 2012........ 125,000
Dividends for 2012................ 15,000...... Total assets at the end of 2013......... 242,00
On the basis of the data given, prepare a statement of retained earnings for 2012 (its first year of operations) and 2013.