Home Gallery,Inc.had beginning retained earnings of $125,000 on January 1,2019.During the year,Home Gallery declared and paid $40,000 of cash dividends and earned $55,000 of net income.Prepare a statement of retained earnings for Home Gallery,Inc.for the year ending December 31,2019.

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The Answer of Home Gallery,Inc.had beginning retained earnings of $125,000 on January 1,2019.During the year,Home Gallery declared and paid $40,000 of cash dividends and earned $55,000 of net income.Prepare a statement of retained earnings for Home Gallery,Inc.for the year ending December 31,2019.