Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2011 annual report as follows.
Question:
Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2011 annual report as follows.
At December 31, 2008, common shares consisted of the following:
Common stock, 1,855,000 shares at $1 par . $1,855,000
Paid-in capital—excess of par ........ 7,420,000
Required:
Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2009, 2010, and 2011. Prepare the journal entries that reflect those events and transactions.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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2009 Retained earnings 160500 Income summary 160500 2010 Income summary 2240900 Retained e...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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