On January 1, 2021, Benton Ltd, a private company, had the following shareholders' equity accounts: Preferred shares, $1.0 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.94 million issued Retained earnings $2,940,000 3,840,000 The following selected transactions occurred during 2021 Jan. 2 Feb. 8 Mar. 5 18 5 Apr. June Sept. Oct. Issued 220.000 preferred shares at $25 per share. Issued 110,000 common shares in exchange for land. On this date, the fair value of the land was $234.000. The common shares have not recently traded, but the last time they traded, they sold for $2.5 per share. Declared the quarterly cash dividend to preferred shareholders of record on March 20, payable April 2. Issued 370,000 common shares at $3 per share. Declared the quarterly cash dividend to preferred shareholders of record on June 20, payable July 1. Declared the quarterly cash dividend to preferred shareholders of record on September 20, payable October 1. Issued 41,000 preferred shares at $25 per share. Declared the quarterly cash dividend to preferred shareholders of record on December 20, payable January 1. Declared a cash dividend of $0.5 per share to the common shareholders of record on December 31, payable January 10. Net income for the year was $1.04 million 5 4 Dec. 5 14 31 Prepare a statement of retained earnings for the year. (List items that increase retained earnings first.) BENTON LTD, Statement of Retained Earnings December 31, 2021 $ : $