At January 1, 2025, the assets of Ace Construction Company were $1,030,000 and liabilities were $740,000. The balance in common stock was $150,000. During 2025, Ace earned revenue of $190,000 and had expenses of $110,000. Dividends of $50,000 were paid during the year. The company also purchased equipment in exchange for a $35,000 note payable. Prepare a retained earnings statement in good form. (List items that increase retained earnings first.)