Retained Earnings Statement Noric Cruises Inc. reported the following results for the month ended October 31: Retained Earnings, October 1 $12,400,000 Net income 2,350,000 Cash dividends declared 175,000 Stock dividends declared 300,000 Prepare a retained earnings statement for the month ended October 31. Noric Cruises Inc. Retained Earnings Statement For the Month Ended October 31 Retained Earnings, October 1 $ 12,400,000 Net Income 2,350,000 Dividends 95,100 X Change in retained earnings 589,500 Retained Earnings, October 31 $ 14,275,000