Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December $31,20$Y$3$:

Line Item Description Amount

Retained earnings, January $1,20$Y$3$ $$525,600$

Net income $57,800$

Cash dividends declared $10,400$

Stock dividends declared $19,700$

Prepare a retained earnings statement for the year ended December $31,20$Y$3.$

Sumter Pumps Corporation

Retained Earnings Statement

For the Year Ended December $31,20$Y$3$

Line Item Description Amount Amount

Retained earnings, January $1,20$Y$3$

$Retained earnings, January $1,20$Y$3$

Net Income

$Net Income

Dividends

Dividends

Change in retained earnings

Change in retained earnings

Retained earnings, December $31,20$Y$3$

$Retained earnings, December $31,20$Y$3$