Mondala Ltd. began 2020 with retained earnings of \(\$ 200\) million. Revenues during the year were \(\$ 400\) million and expenses totalled \(\$ 300\) million. Mondala declared dividends of \(\$ 40\) million. What was the company's ending balance of retained earnings? To answer this question, prepare Mondala's statement of retained earnings for the year ended December 31, 2020, complete with its appropriate heading.