Stone Culture Corporation was organized on January 1, 2017. For its first two years of operations, it reported the following:

On the basis of the data given, prepare a statement of retained earnings for both 2017 (its first year of operations) and 2018.

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Net Income for 2017 Net Income for 2018 Dividends for 2017 Dividends for 2018 Total assets at the end of 2017 Total assets at the end of 2018 $ 20,000 125,000 $40,000 45,000 15,000 242,000