Maria Queen was reviewing her business activities at the end of the year (2022) and decided to prepare a Retained Earnings Statement. At the beginning of the year, her assets were $700,000 and her liabilities were $210,000. At the end of the year the assets had grown to $930,000 but liabilities had also increased to $340,000. Common Stock was $200,000 in at the beginning and end of 2022. The net income for the year was $220,000. The company paid dividends of

$120,000 during the year.

Prepare a Retained Earnings statement in good form.