Bancroft Corporation, a manufacturer of industrial pumps, reports the following results for the year ending January 31,

Question:

Bancroft Corporation, a manufacturer of industrial pumps, reports the following results for the year ending January 31, 2010:

Retained earnings, February 1, 2009 $3,175,500
Net income 415,000
Cash dividends declared 75,500
Stock dividends declared 140,000

Prepare a retained earnings statement for the fiscal year ended January 31, 2010.