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Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following re- sults for the year ended January 31, 2016: Retained earnings, February 1, 2015

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following re- sults for the year ended January 31, 2016:

Retained earnings, February 1, 2015 ............................ $59,650,000

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,160,000

Cash dividends declared ................................................ 1,000,000

Stock dividends declared ............................................... 2,600,000

Prepare retained earnings statement for the fiscal year ended January 31, 2016.

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