Dynamic Leaders Inc. reported the following results for the year ending July 31, 2008: Retained earnings, August

Question:

Dynamic Leaders Inc. reported the following results for the year ending July 31, 2008:
Retained earnings, August 1, 2007 ........ $988,500
Net income ................ 325,000
Cash dividends declared ............. 35,000
Stock dividends declared ............ 90,000
Prepare a retained earnings statement for the fiscal year ended July 31, 2008.