A company reported the following amounts on its balance sheet at January $1,2022$:

Common Stock, $$10$ par $$28,050$

APIC$-$ Common $82,720$

Retained Earnings $102,300$

On Nov$\mathrm{.}5,2022$ the company declared and distributed a $4\mathrm{.}0\%$ stock dividend on common stock when the stock was selling at $$25$ per share. On December $31,2022,$ the company reported yearly net income to be $$35,200.$ What is the Dec $31,2022$ balance in Retained Earnings and APIC $$ Common after closing entries?

Answer rating: 100% (QA)

To determine the December 31 2022 balance in Retained Earnings and APIC Additional PaidIn Capital Co... View the full answer