Atlantic Motels Ltd.(AML),a mid-size motel chain on Canada's east coast,had Retained Earnings of $5.7 million at the beginning of 2017.During 2017 AML earned a net income of $955,000.Given the profitable year AML distributed cash dividends of $500,000 to common shareholders.Prepare the statement of retained earnings for AML for the year ended December 31,2017.

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The Answer of Atlantic Motels Ltd.(AML),a mid-size motel chain on Canada's east coast,had Retained Earnings of $5.7 million at the beginning of 2017.During 2017 AML earned a net income of $955,000.Given the profitable year AML distributed cash dividends of $500,000 to common shareholders.Prepare the statement of retained earnings for AML for the year ended December 31,2017.