Ocean Terminal Company Ltd. started its business in 2019 with retained earnings of $68.45 million. It paid two semiannual dividends of $0.23 per share to 3.25 million preferred stockholders during the year. Common stockholders, holding 9.8 million common shares, were paid four quarterly dividends of $0.25 per share. The company had a net profit after taxes of $6.34 million. Prepare the statement of retained earnings for the year ended December 31, 2019.