\section*{The following information relates to Dahl Corporation for the year 1998:}

Prepare a statement of retained earnings for the year ended December 31, 1998.

Transcribed Image Text:

Net income for the year Dividends declared on common stock Dividends declared on preferred stock Retained earnings, January 1, unappropriated Appropriation for retirement of bonds. Balance in "Appropriation for possible oss of a lawsuit," no longer needed on December 31 because of a favorable court decision, is (by directors' order) returned to unappropriated retained earnings $1,680,000 235,200 134,400 5,040,000 672,000 840,000