Financial data for JadesJeans are given below. All figures are in dollars. Use this data to construct a Balance Sheet for the company for the year ending December 31, 2016and use your constructed statement to answer the following 5 questions(i.e., 11 through 15). NOTE: Not every itemin the list below belongs on the balance sheet you have to use some given data to determine needed accounts for the balance sheet. However, other than what is listed and/or can be derived, there are no other accounts on Jades balance sheet -use cash as a plug figure to balance the balance sheet.

Accounts payable

955,000

Accruals

294,600

Accumulated depreciation

12,975,300

Additional paid in capital

19,476,200

Beginning of year inventory

9,471,600

Common stock ($2.00 par value)

14,200,000

Cost of goods sold

71,359,800

Current portion of Long-term debt

1,475,600

Gross accounts receivable

1,995,600

Gross fixed assets

64,851,200

Long-term debt (excluding current portion)

15,148,600

Purchases

70,384,700

Retained earnings

11,017,600

Returns and allowances

12,600

Short-term bank loan

866,000

Cash

???

JadesJeans Company reported net income for 2016 of $8,771,800and the company paid dividends of $0.60 per share in 2016. Given this information (along with the data provided above), compute what JadesJeans Company reported as retained earningson its December 31, 2015balance sheet?(Assume that no additional shares of stock were issued between December 31, 2015 and December 31, 2016)