Portman Corporation has retained earnings of $675,000 at January 1, 2010 Net income during 2010 was $1,400,000,

Question:

Portman has retained earnings of $675,000 at January 1, 2010 Net income during 2010 was $1,400,000, and cash dividends declared and paid during 2010 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2010.

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...