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Net income increased during 2011 to 125320 and to 145480

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Landon Corporation was organized on January 2, 2010, 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 2011 to $125,320 and to $145,480 during 2012. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.

Prepare a statement of retained earnings for the year ended December 31, 2012.

Reference no: EM13393955

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