E2-4 (Relationships between retained earnings and revenues and expenses across time) Berne Incorporated, began operations in 1994. At the end of 1996 the company had a balance in its retained earnings account of $230. Compute the missing amounts in the following table, and comment on the company’s performance. Specifically, analyze the company’s sales growth, profits, profits as a percentage of sales, and dividends declared as a percentage of net income. 1996 1995 1994 Beginning retained earnings $ ? $ 48 $ 0 Revenues for the period 700 575 500 Expenses for the period 565 9 • 440 Dividends declared 15 13 9 •