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Show a retained earnings statement for the year

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Reference no: EM13546139

On March 1, 2008, Peleus Hotels had retained earnings of $690,000. During the year plus had the following selected transactions:

1. Declared cash dividends $155,000.

2. Corrected understatement of 2007 net income because of inventory valuation error of $35,000.

3. Earned net income $411,500.

4. Declared stock dividends $50,000.

Instructions

Prepare a retained earnings statement for the year.

Reference no: EM13546139

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