J. Clancy owns Clancy Consulting On December 31 of the prior year, the Retained Earnings account balance was $26,500. During the current year, the company paid $13,600 in cash dividends. Clancy Consulting reports net income of $50,900 for the current year. Prepare a statement of retained earnings for Clancy Consulting for the current year ended December 31. CLANCY CONSULTING Statement of Retained Earnings Retained earnings, December 31 prior year 0 Retained earnings, Dec. 31 current year $ 0