Saved Comparative statements of retained earnings for Renn Dever Corporation wer

Question

Saved Comparative statements of retained earnings for Renn Dever Corporation were reported in its 2018 annual report as follows RENI-DEVER CORPORAT ION For the Years Ended December 31, Statements of Retained Earning 2018 2016 2017 5 715,852 5,884,552 Balance at beginnng of year Net income (loss) Deductions: 7.035,952 468,788 2,360,989 (169,580) Stock dividend (36,e00 shares) Common shares retired (126,000 shares) Comnan stock cash dividends 252,883 252,880 785,000 929.950 Balance at end of year s 9,322,702 7,035,952 s 5,715,852 At December 31, 2015, common shares consisted of the folfownig Conmon stock 1,880.000 shares at $1 par Pald-in copital-excess of pan 5, 648,0e Required 2018 Prepare the ournal entries that renect those events and transactions uf no entry it required for a transaction/event, sele journal entry required in the first account field.) s the events and transactions that affected Renn-Dever Corporotion's istained earnings during 2016, 2017, a rch

Explanation / Answer

Journal Entry in Books of Renn Dever Corporation Date Account Debit Credit 2016 Retained Earning $5,884,552.00 Net Loss $5,884,552.00 ( Being Loss transferred to Retained Earrning) 2017 Net Income $2,360,900.00 Retained Earning $2,360,900.00 ( Being Net Income Trf to Retained Earning Common Stock (126000Share*$1) $126,000.00 Additional Paid in Capital $126,000.00 Retained Earning $252,000.00 ( being Common Stock Retired) Retained Earning $788,000.00 Dividedend Payable $788,000.00 ( Being Dividend Distributed from Retained Earning 2018 Net Income $3,468,700.00 Retained Earning $3,468,700.00 ( Being Net Income Trf to Retained Earning Retained Earning $252,000.00 Common Stock ( 36000 share*$1) $36,000.00 Paid in Capital Excess of Par $216,000.00 Retained Earning $929,950.00 Dividedend Payable $929,950.00 ( Being Dividend Distributed from Retained Earning

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