Coldwater Co. has compiled the following account balances from its general ledger on June 30, 20Y8 (the last day of its fiscal year).

+Trial Balance

AccountAmountCash$62,460Accounts receivable150,120Inventory195,870Prepaid insurance25,030Equipment493,380Accumulated depreciation84,680Accounts payable63,865Notes payable111,865Common stock200,000Dividends52,870Retained earnings278,420Sales3,384,420Rent revenue (Nonoperating)19,930Cost of goods sold2,390,295Interest expense (Nonoperating)15,410Selling/general/administrative expense550,610Research and development expense168,080Depreciation expense39,055

Coldwater Co.Retained Earnings StatementFor the Year Ending June 30, 20Y8

Retained earnings, July 1, 20Y7

$Add: Net Income

$Less: Dividends

Increase in retained earnings

Retained earnings, June 30, 20Y8

$