P r eparing a Statement o f Retained Earnin

P r eparing a Statement o f Retained Earnings Stone Culture Corporation was organized on January 1 2009. For its first two years of operations it reported the following: Net income for 2009 $34000 Net income for 2010 42000 Dividends for 2009 14200 Dividends for 2010 18700 Total assets at the end of 2009 130000 Total assets at the end of 2010 250000 Required: On the basis of the data given prepare a statement of retained earnings for 2010. Show computations.

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