Maxima Retractors Inc. reported the following results for the year ending October 31, 2008:
Retained earnings, November 1, 2007 ........ $2,906,000
Net income .................. 553,000
Cash dividends declared ............ 100,000
Stock dividends declared .............. 200,000
Prepare a retained earnings statement for the fiscal year ended October 31, 2008.