Bonita Corporation has retained earnings of $707,000 at January 1, 2017. Net income during 2017 was $1,428,500, and cash dividends declared and paid during 2017 totaled $85,000. Prepare a retained earnings statement for the year ended December 31, 2017. (List items that increase retained earnings first.)

Bonita Corporation

Retained Earnings Statement

For the Year Ended December 31,2017

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Chart of Accounts

Cash Dividends

Expenses

Net Income/Loss

Retained Earnings, December, 31

Retained Earnings, January 1

Revenues

Total Expenses

Total Revenues

Add

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