Cooper Industries, Inc., began 2019 with retained earnings of $24.32 million. During the year it paid four quarterly dividends of $0.35 per share to 2.75 million common stockholders. Preferred stockholders, holding 524,000 shares, were paid two semiannual dividends of $0.71 per share. The firm had a net profit after taxes of $5.44 million. Prepare the statement of retained earnings for the year ended December 31, 2019. 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, 2019 Retained earnings balance (January 1, 2019) Plus: Net profits after taxes (for 2019) Less: Cash dividends (paid during 2019) Preferred stock Common stock Total dividends paid A Retained earnings balance (December 31, 2019) A