You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise:

Prepare the company’s Statement of Retained Earnings.

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Cash Common stock Accounts receivable Accounts payable Cash dividends declared for the year Additional paid-in capital Prepaid insurance Prior period adjustment net of income tax Unearned revenue Retained earnings, beginning of the year Net income for the year $9,000 5,000 7,000 2,000 1,000 4,000 5,000 (2,000) 4,000 6,000 9,000