Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on December 31,2013, was $259,000

Brief Exercise 13-10 For the year ending December 31, 2014, Grayfair in reports profit of $195,000 During the year, the company declared a total of $117,000 cash dividends and paid $82,000 of these dividends Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on December 31, 2013, was $259,000. (Ulst items that increase retained earnings first.) GRAYFAIR INC. Statement of Retained Earnings Year Ended December 31, 2014