Messer Company had retained earnings at the beginning of the current year of $590,000. During the year, the following activities occurred. Net income of $88,000 was earned. A cash dividend of $1.20 per share was declared and distributed on the 50,000 shares of common stock outstanding. Prepare a statement of retained earnings for the year. MESSER COMPANY Statement of Retained Earnings For Year Ended Retained earnings, beginning of year Retained earnings, end of year