Landon Corporation was organized on January 2, 2012, with the investment of $100,000 by each of its

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Landon Corporation was organized on January 2, 2012, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2013 to $125,320 and to $145,480 during 2014. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.


Required

Prepare a statement of retained earnings for the year ended December 31, 2014.

Corporation
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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