BE13.11 Q.05) AP For the year ended December 31, 2024, Grayfair Inc. reported profit of $175.000. During the year, the company declared a total of $120,000 cash dividends and paid $85,000 of these dividends. Propare a statement of retained earnings for the year, assuming the balance in Retained Farnings on December 31,2023 , was $248,000 Recond closing entries and post to Retained Farninas