Cooper Industries, Inc., began 2019 with retained earnings of $24.15 million. During the year it paid four quarterly dividends of $0.32 per share to 3.08 million common stockholders. Preferred stockholders, holding 493,000 shares, were paid two semiannual dividends of $0.73 per share. The firm had a net profit after taxes of $5.41 million. Prepare the statement of retained earnings for the year ended December 31, 2019.