Big Bluestem Inc ​
Prepare a Retained Earnings Statement for the Fiscal Year

Essay

Big Bluestem Inc. reported the following results for the year ending April 30:
​ $\begin{array}{lr}\text { Retained earnings, May } 1 & \$ 3,750,000 \\\text { Net income } & 720,000 \\\text { Cash dividends declared } & 80,000 \\\text { Stock dividends declared } & 220,000\end{array}$ ​
Prepare a retained earnings statement for the fiscal year ended April 30.