Statement of Retained Earnings Landon Corporation was organized on January 2, 2015, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2016 to $125,320 and to $145,480 during 2017. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.

Prepare a statement of retained earnings for the year ended December 31, 2017.

Landon Corporation
Statement of Retained Earnings
For the Year Ended December 31, 2017