Assume that January 1, 2020, Sun Company's Retained Earnings balance has risen to $600,000. For 2 pay cash dividends of $70,000. 3. 020, the current year, we assume that Sun reports net income of $160,000 and declare and Ending Retained Earnings Year Sun Company Net Income $100,000 140,000 Dividends Declared Increase in Book value 2017 2018 2019 40,000 50,000 20,000 $110,000 | $ 60,000 90,000 70,000 $220,000 $440,000 530,000 600,000 90,000 $330,000 Assume that January 1, 2020, Sun Company's Retained Earnings balance has risen to $600,000. For 2 pay cash dividends of $70,000. 3. 020, the current year, we assume that Sun reports net income of $160,000 and declare and Ending Retained Earnings Year Sun Company Net Income $100,000 140,000 Dividends Declared Increase in Book value 2017 2018 2019 40,000 50,000 20,000 $110,000 | $ 60,000 90,000 70,000 $220,000 $440,000 530,000 600,000 90,000 $330,000