Dammam Industries, Inc., began 2012 with retained earnings of US$25.32 million. During the year it paid four quarterly dividends of US$0.35 per share to 2.75 mil- lion common stockholders. Preferred stockholders, holding 500,000 shares, were paid two semiannual dividends of US$0.75 per share. The firm had a net profit after taxes of US$5.15 million. Prepare the statement of retained earnings for the year ended December 31, 2012.