The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2013 ($ in millions) Retained earnings, January 1 $ 240 Add: Net income 97 Deduct: Cash dividend (12 ) Stock dividend 1 million shares of $1 par common stock) (19 ) Property dividend (Garfield Company preferred stock held as a short-term investment) (15 ) Sale of treasury stock (cost $43 million) (10 ) Retained earnings, December 31 $ 281