Stone Culture Corporation was organized on January 1, 2014. For its first two years of operations, it reported the following:

On the basis of the data given, prepare a statement of retained earnings for 2014 (its first year of operations) and 2015.

Transcribed Image Text:

Net Income for 2014 Net Income for 2015 Dividends for 2014 $40,000 45,000 15,000 Dividends for 2015 Total assets at the end of 2014 Total assets at the end of 2015 s20,000 125,000 242,000