Cooper Industries, Inc., began 2021 with retained earnings of $24.81 million. During the year it paid four quarterly dividends of $0.34 per share to 2.58 million common stockholders. Preferred stockholders, holding 483,000 shares, were paid two semiannual dividends of $0.79 per share. The firm had a net profit after taxes of $5.47 million. Prepare the statement of retained earnings for the year ended December 31, 2021.

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Part 1

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)

$