(Retained Earnings Statement)

McEntire Corporation began operations on January 1, 2009. During its first 3 years of operations, McEntire reported net income and declared dividends as follows.

		Net income	Dividends declared
	2009	$47,900	$ -0-
	2010	132,700	53,200
	2011	162,700	57,500

The following information relates to 2012.

	Income before income tax	$243,500
	Prior period adjustment: understatement of 2010 depreciation expense (before taxes)	$25,200
	Cumulative decrease in income from change in inventory methods (before taxes)	$41,800
	Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2013)	$100,000
	Effective tax rate	40%

(a)

Prepare a 2012 retained earnings statement for McEntire Corporation. (Enter all amounts as positive amounts and subtract where necessary.)

(b)	Assume McEntire Corp. restricted retained earnings in the amount of $70,000 on December 31, 2012. After this action, what would McEntire report as total retained earnings in its December 31, 2012, balance sheet?