Objective : Construct a statement of retained earnings.
Canada Corp. began 2014 with retained earnings of $286 million. Revenues during the year were $482 million, and expenses totaled $337 million. Canada declared dividends of $59 million. What was the company's ending balance of retained earnings?
To answer this question, prepare Canada's statement of retained earnings for the year ended December 31, 2014, complete with its proper heading.