Pacific Hotels Inc. had Retained Earnings of $250.0 million at the beginning of 2020. The company showed

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Pacific Hotels Inc. had Retained Earnings of $250.0 million at the beginning of 2020. The company showed these figures at December 31, 2020:

 .......................................................................................................................... ($ millions)
Net income .............................................................................................................. $75.0
Cash dividends—Preferred ....................................................................................... 1.5
Common .................................................................................................................... 44.5
Debit to retained earnings due to repurchase of preferred shares ..................... 4.0


Required

Prepare the statement of retained earnings for Pacific Hotels Inc. for the year ended December 31, 2020.

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Horngrens Accounting

ISBN: 9780135359785

11th Canadian Edition Volume 2

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood

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