Question: For the year ended December 31, 2017, Grayfair Inc. reported profit of $175,000. During the year, the company declared a total of $120,000 cash dividends

For the year ended December 31, 2017, Grayfair Inc. reported profit of $175,000. During the year, the company declared a total of $120,000 cash dividends and paid $85,000 of these dividends. Prepare a statement of retained earnings for the year, assuming the balance in Retained Earnings on December 31, 2016, was $248,000.

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