Question: ( a ) Prepare a retained earnings statement for the year ended 3 1 December 2 0 2 3 ( b ) Companies are required

(a)
Prepare a retained earnings statement for the year ended 31 December 2023
(b)
Companies are required to appropriate as a legal reserve at least 5% of their net income at each distribution of dividends. How would Timeless Co. present retained earnings on its 31 December 2023 balance sheet?
(a) Prepare a retained earnings statement for the year ended 31

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