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