Noric Cruises Inc. reported the following results for the year ended October 31, 20Y9:
Retained earnings, November 1, 20Y8 ........................ $12,400,000
Net income ............................................................ 2,350,000
Cash dividends declared ............................................. 175,000
Stock dividends declared ............................................ 300,000
Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9?