M1-12 (Algo) Preparing a Statement of Retained Earnings [LO 1-2] Stone Culture Corporation was organized on January 1, 2020. For its first two years of operations, it reported the following: Net Income for 2020 $ 44,000 Net Income for 2021 49,000 Dividends for 2020 17,000 Dividends for 2021 24,000 Total assets at the end of 2020 129,000 Total assets at the end of 2021 246,000 Required: On the basis of the data given, prepare a statement of retained earnings.

1. M1-12 (Algo) Preparing a Statement of Retained Earnings [LO 1-2] Stone Culture Corporation
was organized on January 1, 2020. For its first two years of operations, it reported the following:
Net Income for 2020 $ 44,000 Net Income for 2021 49,000 Dividends for 2020 17,000
Dividends for 2021 24,000 Total assets at the end of 2020 129,000 Total assets at the end of
2021 246,000 Required: On the basis of the data given, prepare a statement of retained earnings