26. Kristin Edgar is the manager and sole stockholder of the K.E. Hotel. In fact, this is the first year the business has been incorporated. Until this year Kristin has been a sole proprietor, but she incorporated to avoid unlimited liability, Kristin has hired you to help her prepare her financial statements. Now that she is incorporated, Kristin must prepare a statement of retained earnings instead of a statement of owner's equity. The following is financial information from the K.E. Hotel: Net Income for the Year 20X2 $24,700 Dividends Paid during 20X2 $13,700 Dividends Declared during 20x2 $15,000 Balance in Retained Earnings January 1, 20X2 Required: Using the information provided, prepare a statement of retained earnings for the K.E. Hotel for the year ended December 31, 20x2. Statement of Retained Earning Jan 1, 20x2 $0 0 Plus: $ Less: Declared Dec 31, 20x2