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Waterway Corporation has retained earnings of $678,500 at January 1, 2020. Net income during 2020 was $1,601,200, and cash dividends declared and paid during 2020

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Waterway Corporation has retained earnings of $678,500 at January 1, 2020. Net income during 2020 was $1,601,200, and cash dividends declared and paid during 2020 totaled $79,000. Prepare a retained earnings statement for the year ended December 31, 2020. (List items that increase retained earnings first.) WATERWAY CORPORATION Retained Earnings Statement $

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