The assets and liabilities of Rocky's Day Spa at December 31 and expenses for the year are listed below.The stockholders' equity was $68,000 ($48,000 in Common Stock and $20,000 in Retained Earnings)at January 1.The shareholders invested in an additional $10,000 of common stock during the year.Net income for the year is $45,625.
Prepare a statement of retained earnings for Rocky's Day Spa for the current year ended December 31.
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