Question: Prepare a retained earnings statement. 4. For the year ending December 31, 2010, Kerns Inc. reports net income $140,000 and dividends $85,000. Prepare the retained

Prepare a retained earnings statement. 4. For the year ending December 31, 2010, Kerns Inc. reports net income $140,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on January 1, 2010, was $220,000

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