Use the following information and the percentage-of-sales method to answer the following question(s) .
Below is the 2017 year-end balance sheet for Richmond Enterprises.Sales for 2017 were $1 600,000 and are expected to be $2 000,000 during 2018.In addition, we know that Banner plans to pay $90,000 in 2018 dividends and expects projected net income of 4% of sales.(For consistency with the answer selections provided, round your forecast percentages to two decimals.)
Richmond Enterprises Balance Sheet
December 31, 2017
-Richmond's projected retained earnings for 2018 are
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