Journey Corporation began 2018 with retained earnings of $270 million. Revenues during the year were $460 million,

Question:

Journey Corporation began 2018 with retained earnings of $270 million. Revenues during the year were $460 million, and expenses totaled $380 million. Journey declared dividends of $64 million. What was the company’s ending balance of retained earnings? To answer this question, prepare Journey’s statement of retained earnings for the year ended December 31, 2018, complete with its proper heading.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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