Preparing a Retained Earnings Statement In 2020, Lucky Inc. reported net income of $72,000 and declared and paid a common stock cash dividend of $30,000. Assuming that the company had a beginning balance of $516,000 in retained earnings, prepare a retained earnings statement for 2020. Use a negative sign to indicate a loss. Lucky Inc. Statement of Retained Earnings For the Year Ended December 31, 2020 Retained earnings, January 1, 2020 $ 516,000 Net income Dividends Retained earnings, December 31, 2020 72,000 30,000 x $ 42,516 x