12 2011259 J. Clancy owns Clancy Consulting. On December 31 of the prior year, the Retained Earnings account balance was $25,500. During the current year, the company paid $13,200 in cash dividends. Clancy Consulting reports net income of $50,300 for the current year. Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31. CLANCY CONSULTING Statement of Retained Earnings Retained earnings, December 31 prior year Retained eamings, Dec. 31 current year