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	41,654,836
Total stockholders' equity	$69,564,836

The following transactions, among others, occurred during the fiscal year ended March 31, 2020. April 15, 2019 Declare and pay preferred dividends of $340,000. April 15, 2019 Declare and pay common dividends of $1.10 per share. October 1, 2019 Execute a 3-for-1 stock split of the common stock when the stock price was $119 per share. March 1, 2020 Declare and pay common dividends of $0.30 per share.

(a) Use the financial statement effects template to indicate the effects of these separate transactions. Note: Use negative signs with answers, when appropriate.

	Balance Sheet													Income Statement
	Cash	+	Noncash	=	Liabilities	+	Contributed	+	Earned									Net
Transaction	Asset		Assets				Capital		Capital					Revenue	-	Expenses	=	Income
Apr. 15	Answer		Answer		Answer		Answer		Answer					Answer		Answer		Answer
Apr. 15	Answer		Answer		Answer		Answer		Answer					Answer		Answer		Answer
Oct. 1	Answer		Answer		Answer		Answer		Answer					Answer		Answer		Answer
Mar. 1	Answer		Answer		Answer		Answer		Answer					Answer		Answer		Answer

(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. $Answer