Stillwater Corporation, a manufacturer of industrial pumps, reports the following results for the year ending August 31, 2008:
Retained earnings, September 1, 2007 ....... $1,752,000
Net income .................... 378,000
Cash dividends declared .............. 80,000
Stock dividends declared ............. 100,000
Prepare a retained earnings statement for the fiscal year ended August 31, 2008.