etained earnings statement for the fiscal year ended July 31, 2012.
| Retained Earnings Statement | ||
| Particular | Amount in $ | Amount in $ |
| Balance at August 1, 2011 | 875,000 | |
| Net Income | 260,000 | |
| Less : | ||
| Cash dividends declared | -120,000 | |
| Stock dividends declared | -100,000 | |
| Net Income add | 40,000 | 40,000 |
| Balance at July 31, 2012 | 915,000 | |
