Cudlumber AS reported retalned eamings at December 31,2019 , of 2300,000 , Cullumber had 200,000 shares outstanding at the beginning of 2020 . The following transactions occurred during 2020. 1. Acash dividend of 20.60 per share was declared and paid 2. A5\% share dividend was declared and distributed when the market price per share was 616 per share. 3. Net income was $290,000 Prepore a retained earnings statement for 2020