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

Retained earnings, January $1,20Y3$

Net income

$$505,900$

Cash dividends declared

$75,900$

$13,700$

Stock dividends declared

$25,800$

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

Sumter Pumps Corporation

Retained Earnings Statement

For the Year Ended December $31,20Y3$

Line Item Description Amount Amount

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