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Statement of Retained Earnings

by | Nov 29, 2023 | Posted Questions

Statement of Retained Earnings

Landon Corporation was organized on January 2, 2006, with
the investment of $100,000 by each of its two stockholders. Net income for its
first year of business was $85,200. Net income increased during 2007 to
$125,320 and to $145,480 during 2008.

Landon paid $20,000 in dividends to each of the two
stockholders in each of the three years.

Required:

Prepare a statement of retained earnings for the year ending
December 31, 2008.
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