Refine Assumptions for Dividend and Retained Earnings Forecast Provided below is FY2016 information for Medtronic PLC. Medtronic plc Consolidated Statement of Income ($ millions) Apr. 29, 2016 Net sales $29,610 Costs and expenses Cost of products sold 9,142 Research and development expenses 2,224 Selling, general, and administrative expense 9,469 Special charges (gains), net Restructuring charge, net 290 Certain litigation charges, net Acquisition-related items 283 Amortization of intangiable assets 1,931 Other expense, net 107 Operating profit 6,068 Interest expense, net 955 Income from operations before income taxes 5,113 Provision for income taxes 971 26 Net income $4,142 Medtronic plc Consolidated Balance Sheet (5 millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $3,098 $5,065 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,822 31,066 Property, plant, and equipment, net 5,063 4,921 Goodwill 41,500 40,530 Other intangiable assets, net 26,899 28,101 Long-term tax assets 1,383 774 Other assets 1,559 1,737 Total assets $100,226 $107,129 Current liabilities Short-term borrowing $1,215 $2,656 Accounts payable 1,709 1,610 Accrued compensation 1,712 1,611 Accrued income taxes 566 935 Deferred tax liabilities 119 Other accrued expenses 2,185 2,464 Total current liabilities 7,387 9,395 Long-term debt 30,247 33,752 Long-term accrued compensation 1,759 1,535 Long-term accrued income taxes 2,903 2.476 Long-term deferred tax liabilities 3,729 4,700 Other long-term liabilities 1,916 1,819 Total liabilities 47,941 53,677 Shareholders' equity Ordinary shares Retained earnings 54,153 54,636 Accumulated other comprehensive (loss)/income (1,868) (1,184) Total shareholders' equity 52,285 53,452 Total liabilities and shareholders' equity $100,226 $107,129 a. Use the financial statements along with the additional information below to forecast retained earnings for FY2017. Forecasted net income Dividends to shareholders' in FY2016 $5,033 million 2,205 million Forecasted retained earnings $ x million