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elixir [45]
3 years ago
11

Landon Corporation was organized on January 2, 2014, with the investment of $120,000 by each of its two stockholders. Net income

for its first year of business was $96,560. Net income increased during 2015 to $140,980 and to $164,950 during 2016. Landon paid $23,000 in dividends to each of the two stockholders in each of the three years.
Required:
Prepare a statement of retained earnings for the year ended December 31,2016
Business
1 answer:
PIT_PIT [208]3 years ago
8 0

Answer:

                                              Landon Corporation

                                     Statement of retained earnings

                                for the year ended December 31,2016

                                                                                                    $

Retained Earning on January 1,2016                              =     145,540

Add : Net Income / Less Net loss                                   =     164,950

Less: Dividend                                                                 =     <u> 46,000</u>

Retained earning at December 31,2016                        =    <u> </u><u>264,490 </u>

<u>Working:</u>

Retained Earning on January 1,2014        = $0

Add : Net Income / Less Net loss             = $96,560

Less Dividend                                            =<u> $46,000 </u>

Retained earning at December 31,2014  = <u>$50,560</u>

Retained Earning on January 1,2015        = $50,560

Add : Net Income / Less Net loss             = $140,980

Less Dividend                                            =<u> $46,000 </u>

Retained earning at December 31,2015  = <u>$145,540</u>

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