Assume that beginning retained earnings for 2017 is $3,810,000 and that dividends of $262,500 were declared during the year.

Assume that beginning retained earnings for 2017 is $3,810,000 and that dividends of $262,500 were declared during the year. Prepare the retained earnings portion of the statement of changes in equity for 2017. (Round answers to 0 decimal places, e.g. 1525. List items that increase retained earnings first.)