Reference no: EM132810129
Myron Corporation, a private company reporting under ASPE, had the following shareholders' equity accounts at December 31, 2019:
Common shares, 75,000 issued.................................................................... $300,000
Retained earnings.......................................................................................... 750,000
During 2020, the following events occurred:
1. On February 1, the company declared and paid a $0.50/share cash dividend.
2. On June 10, the company split the common shares two for one.
3. On December 1, the company declared and paid a $0.40/share cash dividend.
4. At December 31, the company reported a loss of $106,000 for the year.
Instructions:
Problem (a) Prepare Statement of Retained Earnings for the year ended December 31, 2020.
Problem (b) If Myron Corporation was a publicly-traded corporation, would it still prepare Statement of Retained Earnings? If not, what statement would it prepare instead?
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