Question: Current Attempt in Progress Rex Company reported retained earnings at December 31, 2017, of $420,000. Reese had 180,000 shares of common stock outstanding throughout

Current Attempt in Progress Rex Company reported retained earnings at December 31,

Current Attempt in Progress Rex Company reported retained earnings at December 31, 2017, of $420,000. Reese had 180,000 shares of common stock outstanding throughout 2018. The following transactions occurred during 2018. 1. Net income was $295,000. 2. A cash dividend of $0.50 per share was declared and paid. 3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share. Prepare a retained earnings statement for 2018. (List items that increase retained earnings first.) REX COMPANY Retained Earnings Statement For the Year Ended December 31, 2018

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