You are given the information below to answer questions that follow:

a) Manazil PLC started Year 2020 with AED 7,000,000 in retained earnings from Dec 31, 2019.

b) Manazil PLC has 4000,000 of authorized Shares of Common Stock AED 5 Par Value

c) Manazil PLC issued 1000000 Shares of Common Stock for AED 10 during 2020

d) Manazil PLC has 500,000 authorized AED 2.50 Preferred Stock AED 5 Par Value

e) Manazil PLC has 100,000 issued Preferred Stock at AED 10 during the year

f) Manazil PLC generated AED 2,000,000 Net Income during the Year-2020.

g) On December 30, 2020, Manazil PLC paid a dividend of AED 5 per share of Common Stock.

Required a)

Use the information above to calculate the retained Earnings for the Year Ended December 2020