Retained earnings statement
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:
Retained earnings January 1,20Y3 | $59,650,000 |
Net income | 8,160,000 |
Cash dividends declared | 1,000,000 |
Stock dividends declared | 2,600,000 |
Prepare a retained earnings statement for the year ended December 31, 20Y3-
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