Stone Culture Corporation was organized on January 1, 2016. For its first two years of operations, it reported the following: 

On the basis of the data given, prepare a statement of retained earnings for 2016 (its first year of operations) and 2017.

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$ 20,000 $36,000 45,000 Net Income for 2016 Dividends for 2017 Total assets at the end of 2016 Total assets at the end of 2017 Net Income for 2017 125,000 Dividends for 2016 15,000 242,000