Flowers, Inc. had beginning retained earnings of $125,000 on January 1, 2017. During the year, Flowers declared and paid $40,000 of cash dividends and earned $55,000 of net income. Prepare a statement of retained earnings for Flowers, Inc. for the year ending December 31, 2017.

                              Flowers, Inc.

               Statement of Retained Earnings

              Year Ended December 31, 2017

Retained Earnings, January 1,2017                     $ xx

Net income for the year                                            xx

                                                                                  xx

Dividends Declared                                                (xx)

Retained Earnings, December 31, 2017               $ xx