CellPhone Corp. began 2012 with retained earnings of $290 million. Revenues during the year were $360 million,

Question:

CellPhone Corp. began 2012 with retained earnings of $290 million. Revenues during the year were $360 million, and expenses totaled $250 million. CellPhone declared dividends of $44 million. What was the company’s ending balance of retained earnings? To answer this question, prepare CellPhone’s statement of retained earnings for the year ended December 31, 2012, complete with its proper heading.