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Comparative statements of retained earnings for...

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Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2011 annual report as follows. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31, 2011 2010 2009 Balance at beginning of year $ 4,835,045 $ 4,271,440 $ 4,570,940 Net income (loss) 2,192,300 1,124,500 (299,500) Deductions: Stock dividend (35,000 shares) 242,000 Common shares retired (114,000 shares) 212,300 Common stock cash dividends 591,921 348,595 0 Balance at end of year $ 6,193,424 $ 4,835,045 $ 4,271,440 At December 31, 2008, common shares consisted of the following: Common stock, 1,855,000 shares at $1 par $ 1,855,000 Paid-in capital ? excess of par 7,420,000 Infer from the reports the events and transactions that affected Renn-Dever Corporation?s retained earnings during 2009, 2010, and 2011. Prepare the journal entries that reflect those events and transactions

 

Paper#11134 | Written in 18-Jul-2015

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