From the following data, calculate the retained earnings balance as of December 31, 2009: Retained earnings, December

Question:

From the following data, calculate the retained earnings balance as of December 31, 2009:

Retained earnings, December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . .$841,200

Decrease in total liabilities during 2010 . . . . . . . . . . . . . . . . . . . . . . . . . 183,200

Gain on the sale of buildings during 2010 . . . . . . . . . . . . . . . . . . . . . . . 64,400

Dividends declared and paid in 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

Proceeds from sale of common stock in 2010 . . . . . . . . . . . . . . . . . . . . 197,600

Net income for the year ended December 31, 2010 . . . . . . . . . . . . . . . 90,400

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...