Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of DiFrancesco Company at March 31, 2019 is shown below.

4% preferred stock, $1,000 par value, 25,000 shares authorized; 10,000 shares issued and outstanding	$10,000,000
Common stock, $1 par value, 3,000,000 shares authorized; 700,000 shares issued and outstanding	700,000
Additional paid-in capitalpreferred stock	60,000
Additional paid-in capitalcommon stock	17,150,000
Retained earnings	49,005,689
Total stockholders' equity	$76,915,689

The following transactions, among others, occurred during the fiscal year ended March 31, 2020. April 15, 2019 Declare and pay preferred dividends of $400,000 April 15, 2019 Declare and pay common dividends of $1.30 per share October 1, 2019 Execute a 3-for-1 stock split of the common stock when the stock price was $140 per share. March 1, 2020 Declare and pay common dividends of $0.50 per share

(a) Use the financial statement effects template to indicate the effects of these separate transactions.

Use negative signs with answers, when appropriate.

	Balance Sheet
Transaction	Cash Asset	+	Noncash Assets	=	Liabilities	+	Contributed Capital	+	Earned Capital
Apr. 15
Apr. 15
Oct. 1
Mar. 1

Income Statement
Revenue	-	Expenses	=	Net Income

(b) At March 31, 2020, the company reported net income for the year of $8,900,610. Compute retained earnings as of March 31, 2020.