Retained Earnings Statement

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:

Retained earnings, January 1, 20Y3	$59,650,000
Net income	8,160,000
Cash dividends declared	1,000,000
Stock dividends declared	2,600,000

Prepare a retained earnings statement for the year ended December 31, 20Y3.

Sumter Pumps Corporation
Retained Earnings Statement
For the Year Ended December 31, 20Y3
Retained Earnings, January 1, 20Y3		$
Net Income	$
Dividends
Change in retained earnings
Retained Earnings, December 31, 20Y3		$