Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2016:
Retained earnings, February 1, 2015 $59,650,000
Net income 8,160,000
Cash dividends declared 1,000,000
Stock dividends declared 2,600,000
Prepare a retained earnings statement for the fiscal year ended January 31, 2016. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. The word “Less” is not required.
Labels
For the Year Ended January 31, 2016
January 31, 2016
Amount Descriptions
Decrease in retained earnings
Dividends
Excess of issue price over par
Increase in retained earnings
Issuance of additional common stock
Issuance of additional preferred stock
Net income
Net loss
Retained earnings, February 1, 2015
Retained earnings, January 31, 2016