On January 1 of the current year, the retained earnings accounts for Corporation X were as follows:
Appropriation for bonded indebtedness 200,000
Retained Earnings 400,000
Relevant facts for the year are as follows:
Cash divided declared 80,000
Decrease in appropriation for bonded indebtedness 90,000
Net Income 550,000
Increase in appropriation for treasury stock 40,000
stock dividends 50,000
Prepare a retained earnings statement.