Pacific Hotels Inc., a large hotel chain, had Retained Earnings of $250.0 million at the beginning of

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Pacific Hotels Inc., a large hotel chain, had Retained Earnings of $250.0 million at the beginning of 2014. The company showed these figures at December 31, 2014:
_____________________________________________________________($ millions)
Net income....................................................................................$75.0
Cash dividends-preferred.....................................................................1.5
Common.........................................................................................44.5
Debit to retained earnings due to repurchase of preferred shares.........................4.0
Required
Prepare the statement of retained earnings for Pacific Hotels Inc. for the year ended December 31, 2014.
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Accounting

ISBN: 978-0132690089

9th Canadian Edition volume 2

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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