The West Hanover Clay Co. had, at the beginning of the fiscal year, November 1, 2016, retained earnings of $425,000. During the year ended October 31, 2017, the company generated net income after taxes of $820,000 and paid out 35% of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings. A step by step process of entering this into MS excel