The Wells Park Hotels activities affecting retained earnings and other equity accounts during 20X2 were as follows:

1. 10,000 shares of common stock with a par value of $5.00 were sold for $15.00 per share.
2. Dividends declared in 20X1 of $60,000 were paid in 20X2.
3. Dividends declared in 20X2 and paid in 20X2 totaled $150,000.
4. Dividends declared in 20X2 to be paid during 20X3 totaled $50,000.
5. Net earnings for 20X2 equaled $300,000.

The balance of the retained earnings account was $200,000 at the beginning of 20X2.

Required:

Prepare the Statement of Retained Earnings for 20X2 for the Wells Park Hotel. (Assume the Wells Park Hotels fiscal year ends on December 31, 20X2.)