Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2016:

Retained earnings, February 1, 2015 $59,650,000

Net income 8,160,000

Cash dividends declared 1,000,000

Stock dividends declared 2,600,000

Prepare a retained earnings statement for the fiscal year ended January 31, 2016. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter all amounts as positive numbers. The word “Less” is not required.

Labels

For the Year Ended January 31, 2016

January 31, 2016

Amount Descriptions

Decrease in retained earnings

Dividends

Excess of issue price over par

Increase in retained earnings

Issuance of additional common stock

Issuance of additional preferred stock

Net income

Net loss

Retained earnings, February 1, 2015

Retained earnings, January 31, 2016