Minty Corporation reported retained earnings of $4,100,000 at December 31, 2021. In 2022, the company earned $1,000,000 Profit. Minty Corporation declared an $80,000 cash dividend and paid a $60,000 cash dividend in 2022. The company also incurred a charge to retained earnings for the reacquisition of common shares. Required: Prepare a Statement of Retained Earnings for Minty Corporation for the year ended December 31, 2022