Caroline Communications reported the figures from its adjusted trial balance and from its multi$-$step income statement for its first year of business, which ended on July $31,2024$:

$($Click the icon to view the accounts and balances.$)$

$($Click the icon to view the multi$-$step income statement.$)$

Read the requirements.

Requirement $1.$ Prepare Caroline Communications' statement of retained earnings for the year ended July $31,2024.$ Assume that there were no dividends declared during the year and that the business began on August $1,2023.($Enter a $"0"$ for any zero balances. Include only applicable transactions during the period.$)$

Caroline Communications

Statement of Retained Earnings

Year Ended July $31,2024$

Retained Earnings, August $1,2023$