Ocean Terminal Company Limited started its business in 2014 with retained earnings of $68,450,000. It paid two semiannual dividends of $0.23 per share to 3,250,000 preferred stockholders during the year. Common stockholders, holding 9,800,000 common shares, were paid four quarterly dividends of $0.25 per share. The company had a net profit after taxes of $6,340,000. Prepare the statement of retained earnings for the year ended December 31, 2014.