Module $1/$Chapter $3$b

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Exercise $3-15($Algo$)$ Calculate the balance of retained earnings $($LO$3-5)$

Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period $2015$ to $2024.$ Volunteers began operations in $2016,$ while Raiders began several years earlier.

$2\mathrm{.}66$

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Required:

Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. $($Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$ Amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[$Year$,\backslash$table$[[$VOLUNTEERS INCORPORATED$],[($ $ in millions$)]],\backslash$table$[[$RAIDERS INCORPORATED$],[($ $ in millions$)]]],[\backslash$table$[[$Net Income$],[($Loss$)]],\backslash$table$[[$Retained$],[$Earnings$]],\backslash$table$[[$Net Income$],[($Loss$)]],\backslash$table$[[$Retained$],[$Earnings$]]],[2015,0,0,29,11],[2016,16,,(57),],[2017,(5),,63,],[2018,27,a,49,],[2019,121,,88,],[2020,16,,121,],[2021,(145),,(56),],[2022,563,,60,],[2023,345,,96,],[2024,346,,148,]]$