L VII. 7 points On January 1, 20x5, the retained earnings account for Covington Company was as follows: Retained Earnings- $950,000 The following information related to Covington during the year 20x5: Cash dividends declared Cash dividends paid Net income for the year Stock dividends declared Stock sold for cash Stock dividends issue Bonds retired Gain on bonds retired $100,000 50,000 150,000 150,000 100,000 70,000 80,000 3,000 REQUIRED: Using the form provided below, prepare the statement of retained earnings at December 31, 20x5. Statement of Retained Earnings Beginning balance- I Add: tt Deduct: Ending balance FE)