This exercise should be used with Exercise 1-20. Refer to the data of Maxwell Banking Company in Exercise 1-20.

Required
1. Prepare the income statement of Maxwell Banking Company, for the year ended December 31, 2008.
2. What amount of dividends did Maxwell declare during the year ended December 31, 2008? Prepare a statement of retained earnings.

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$ 35 253 290 12 28 Interest expense.3 Retained earnings, beginning. 19Salary and other employee expenses9 Retained earnings, ending.?Other assets..43 Property and equipment, net.. 4 Total revenue 72 R Receivables ..ss. Long-term liabilities.. 73 ther expenses.. 14 Common stock Cash.