Answer:
Retained earnings at the beginning of the year;
Equity = Common stock + Retained earnings
Retained earnings = Equity - Common stock
Equity = Assets - Liabilities
= 700,000 - 210,000
=$490,000
Retained earnings = 490,000 - 200,000
=$290,000
........................................................Maria Queen..................................................
.....................................Statement of Retained Earnings..................................
.........................................For the year ended 2022..........................................
Opening Balance...............................................................................$290,000
Add:
Net Profit .............................................................................................$220,000
Less:
Dividends.............................................................................................($120,000)
Retained Earnings, 31 Dec 2022............................................$390,000
