Cooper Industries, Inc., began 2015 with retained earnings of $25.46 million. During the year it paid four quarterly dividends of $0.39 per share to 2.58 million common stockholders. Preferred stockholders, holding 494,000 shares, isa were paid two semiannual dividends of $0.71 per share. The firm had a net profit after taxes of $4.85 million he Prepare the statement of retained earnings for the year ended December 31, 2015 $ Cooper Industries, Inc. Statement of Retained Earnings for the Year Ended December 31, 2015 Retained earnings balance (January 1, 2015) Plus: Net profits after taxes (for 2015) Less: Cash dividends (paid during 2015) Preferred stock Common stock Total dividends paid 5 Retained earnings balance December 31, 2015) $