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.) How would this statement change if Munchies Farms were a publicly traded company? If Munchies were a publicly traded corporation, a would be required instead of a