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Preparing a Statement of Retained Earnings
Clint's Stonework Corporation was organized on January 1, 2011. For its first two years of operations, it reported the following:
Net income for 2011............................. $ 31,000Net income for 2012............................. 42,000Dividends for 2011............................... 14,200Dividends for 2012............................... 18,700Total assets at the end of 2011................. 130,000Total assets at the end of 2012................. 250,000
Required:
On the basis of the data given, prepare a statement of retained earnings for 2012. Show computations.
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