Hallery, Inc. had beginning retained earnings of $130,000 on January 1, 2016. During the year, Hallery declared and paid $45,000 of cash dividends and earned $55,000 of net income. Prepare statement of retained earnings for Hallery, Inc. for the year ending December 31, 2016. C Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Enter decreases in Retained Earnings with a minus sign or parentheses.) Hallery, Inc. Statement of Retained Earnings Year Ended December 31, 2016