Retained earnings statement OBJ. 5 Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a retained earnings statement for the year ended August 31, 2016. Barb Schroeder invested an additional $36,000 in the business in exchange for common stock, and

$18,000 of dividends were paid during the year. Retained earnings as of September 1, 2015, were $300,000.