Cooper Industries, Inc., began $2021$ with retained earnings of $$25\mathrm{.}05$ million. During the year it paid four quarterly dividends of $$0\mathrm{.}38$ per share to $3\mathrm{.}03$ million common stockholders. Preferred stockholders, holding $485,000$ shares, were paid two semiannual dividends of $$0\mathrm{.}73$ per share. The firm had a net profit after taxes of $$4\mathrm{.}67$ million. Prepare the statement of retained earnings for the year ended December $31,2021.$

Complete the statement of retained earnings below: $($Round to the nearest dollar.$)$

Cooper Industries, Inc.

Statement of Retained Earnings

for the Year Ended December $31,2021$

Retained earnings balance $($January $1,2021)$

$

Plus: Net profits after taxes $($for $2021)$

Less: Cash dividends $($paid during $2021)$

Preferred stock

$

Common stock

Total dividends paid

$

Retained earnings balance $($December $31,2021)$

$