Refine Assumptions for Dividend and Retained Earnings Forecast Following are the income statement and balance sheet for Medtronic PLC.

Consolidated Statement of Income ($ millions) For Fiscal Year Ended	April 26, 2019
Net sales	$30,557
Costs and expenses
Cost of products sold	9,155
Research and development expenses	2,330
Selling, general, and administrative expense	10,418
Amortization of intangible assets	1,764
Restructuring charges, net	198
Certain litigation charges, net	166
Other operating expense, net	258
Operating profit (loss)	6,268
Other nonoperating income, net	(373)
Interest expense	1,444
Income (loss) before income taxes	5,197
Income tax provision	547
Net income (loss)	4,650
Net (income) loss attributable to noncontrolling interests	(19)
Net income (loss) attributable to Medtronic	$ 4,631

Consolidated Balance Sheet ($ millions)	April 26, 2019
Current assets
Cash and cash equivalents	$ 4,393
Investments	5,455
Accounts receivable, less allowances of $190	6,222
Inventories, net	3,753
Other current assets	2,144
Total current assets	21,967
Property, plant, and equipment, net	4,675
Goodwill	39,959
Other intangible assets, net	20,560
Tax assets	1,519
Other assets	1,014
Total assets	$89,694
Current liabilities
Current debt obligations	$838
Accounts payable	1,953
Accrued compensation	2,189
Accrued income taxes	567
Other accrued expenses	2,925
Total current liabilities	8,472
Long-term debt	24,486
Accrued compensation and retirement benefits	1,651
Accrued income taxes	2,838
Deferred tax liabilities	1,278
Other liabilities	757
Total liabilities	39,482
Shareholders' equity
Ordinary shares	0
Additional paid-in capital	26,532
Retained earnings	26,270
Accumulated other comprehensive loss	(2,711)
Total shareholders' equity	50,091
Noncontrolling interests	121
Total equity	50,212
Total liabilities and shareholders' equity	$89,694

a. Use the financial statements along with the additional information below to forecast retained earnings for the fiscal year ended April 2020.

Forecasted net income to Medtronic shareholders for fiscal 2020	$4,908 million
Dividends to Medtronic shareholders in fiscal 2019	2,693 million

b. Suppose the MD&A section of the Form 10-K and additional guidance from the company reveals the following additional information. Ordinary cash dividends declared and paid totaled 50.0 cents per share for each quarter of fiscal year 2019. At year end April 26, 2019, the company had 1,340,697,595 shares issued and outstanding. Use this information to refine your forecast of retained earnings for the fiscal year ended April 2020.