Question: Using the income statement for Escape Travel Service shown in Practice Exercise 1-4B, prepare a retained earnings statement for the current year ended November 30,

Using the income statement for Escape Travel Service shown in Practice Exercise 1-4B, prepare a retained earnings statement for the current year ended November 30, 2012. Brett Daniels, the owner, invested an additional $45,000 in the business in exchange for capital stock during the year and cash dividends of $25,000 were paid during the year. Retained earnings as of December 1, 2011 was $375,000.

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