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For the year ended December 31, 2021, Marx Farms Limited, a private company, reported net income of $284,240. The company declared dividends of $101,200 and

For the year ended December 31, 2021, Marx Farms Limited, a private company, reported net income of $284,240. The company declared dividends of $101,200 and paid $35,200 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.)

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