Brief Exercise 11-12 (Part Level Submission) For the year ended December 31, 2018, Pearl City Farms Limited, a private company, reported net income of $143,300. The company declared dividends of $88,000 and paid $78,400 of these dividends during the year. (a) Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on January 1, 2018, was $474,000. (List items that increase retained earnings first.) PEARLCITY FARMS LIMITED Statement of Retained Earnings $