Question 5 For the year ended December 31, 2018, Sweetwater Farms Limited, a private company, reported net income of $160,600. The company declared dividends of $95,800 and paid $84,900 of these dividends during the year. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on January 1, 2018, was $487,000. (List items that increase retained earnings first.) SWEETWATER FARMS LIMITED Statement of Retained Earnings