Bancroft Corporation, a manufacturer of industrial pumps, reports the following results for the year ending January 31, 2010: Retained earnings, February 1, 2009 . . . . . . . . . . . . . . . . . . ....

Bancroft Corporation, a manufacturer of industrial pumps, reports the following results for the year ending January 31, 2010:

Retained earnings, February 1, 2009 . . . . . . . . . . . . . . . . . . . . . . $3,175,500

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,000

Cash dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,500

Stock dividends declared . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,000

Prepare a retained earnings statement for the fiscal year ended January 31, 2010.