11 For the year ended December 31, 20X9, the net income of National Motels, Inc., was $85,900. The Retained Earnings account on January 1, 20X9, showed a balance of $62,000. During the year 20X9 the board of directors declared the following dividends to its stockholders: May 21: November 28 $8,500 $8,500 The dividends declared on November 28 have not been paid as of December 31, 20X9. Prepare a statement of retained earnings for the year ended December 31, 20X9