The financial statements of Planet Media Inc. included the following selected information at December 31, 2018: Common

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The financial statements of Planet Media Inc. included the following selected information at December 31, 2018:
Common shares................$1,600,000
Retained earnings...............C100,000
Net earnings........................1,000,000
Dividends declared...............800,000
The common shares were sold at $20 per share.


Required:
1. What was the amount of retained earnings at the beginning of 2018?
2. Compute earnings per share.
3. Prepare the shareholders' equity section of the company's statement of financial position at December 31, 2018.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-1259105692

6th Canadian edition

Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling

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