The Retained Earnings, Dividends, and Income Summary accounts for Cindy’s Beauty Salon, Inc., are shown in T-account forms. The closing entries have been recorded for the year ended December 31, 2011. Prepare a statement of retained earnings for Cindy’s Beauty Salon, Inc.

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RETAINED EARNINGS INCOME SUMMARY 12/31/11 19,00012/31/10 52,000 12/31/11 44,000 Bal. 77,000 12/31/11 86,000 12/31/11 130,000 2/31/11 44,000 Bal. DIVIDENDS 4/1/11 6,00012/31/11 19,000 7/1/11 7,000 10/1/11 6,000 Bal.