Cooper Industries, Inc., began 2019 with retained earnings of $24.58 million. During the year it paid four quarterly dividends of $0.32 per share to 2.32 million common stockholders. Preferred stockholders, holding 518,000 shares, were paid two semiannual dividends of $0.76 per share. The firm had a net profit after taxes of $4.54 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.)