Context Corporation reports the following components of stockholders' equity on December 31, 2011 Common stock-$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 675,000 60,000 370,000 $1,105,000 In year 2012, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record, Feb.28 Paid the dividend declared on January 5. July 6 Sold 1,875 of its treasury shares at $19 cash per share. Aug.22 Sold 3,125 of its treasury shares at $12 cash per share. Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct.28 Paid the dividend declared on September 5. Dec. 31 Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 2. Prepare a statement of retained earnings for the year ended December 31, 2012. (Amounts to be deducted should be indicated by a minus sign. Omit the "$" sign in your response.) CONTEXT CORPORATION Statement of Retained Earnings For Year Ended December 31, 2012 Retained earnings, Dec. 31, 2011 $ 370000 Add: Net income 388000 758000 -1875 Less: Treasury stock reissuances Less: Cash dividends declared -340000 Retained earnings, Dec. 31, 2012 $ 418000