For the year ended December 31, 2021, Munchies Farms Limited, a private company, reported net income of $264,860. The company declared dividends of $94,300 and paid $32,800 of these dividends during the year. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on January 1, 2021, was \$418.200. (List items that increase retained earnings first)