For the year ended December 31, 2021, Granger Farms Limited, a private company, reported a net income of $368,220. The company declared dividends of $131,100 and paid $45,600 of these dividends during the year.
(a) Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on January 1, 2021, was $448,800. (List items that increase retained earnings first.)