Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. $11,500 10,500 7,500 Cash Accounts receivable Supplies Equipment Accounts payable Common stock 6,500 14,000 15,500 Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends 4,500 6,500 14,500 36,000 25,000 Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 21,500 13,500 9,500 Required: Prepare a year-end statement of retained earnings for Armani Company. ARMANI COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 4,500 Retained earnings, December 31, 2018 Add: Net income 4,500 Less: Dividends 14,500 (10,000) Retained earnings, December 31, 2019