Morocco Inc. reported the following results for the year ending April 30, 2012: Retained earnings, May 1, 2011 $2, 870,000 Net income 530,000 Cash dividends declared 80,000 Stock dividends declared 220,000 Prepare a retained earnings statement for the fiscal year ended April30, 2012. Revenue and expense data for Martinez Company are as follows: Administrative expenses $37,000 $20,000 Cost of goods sold 350,000 320,000 Income tax 40,000 32,00 Net sales 800,000 700,000 Selling expenses 150,000 110,000 Prepare an income statement for 2012