Refer to Exercise 20-29. Assume that the detailed information for 2006 and 2007 is not available. During 2008, dividends of $17,500 were paid (compared to dividends of $15,000 in both 2006 and 2007). Based on this information, prepare the retained earnings statement for 2008. Note: Do NOT prepare the comparative retained earnings statements for 2006 and 2007. The December 31, 2007, Retained Earnings balance as reported using LIFO was $260,000.