1) On July 31, 2017, Archer, Inc. reported the following information in the equity section of their balance sheet:

Stockholders' Equity:
Common Stock, $1.00 par, 500,000 shares authorized, 20,000 shares issued and outstanding	$20,000
Paid-In Capital in Excess of ParCommon	1,180,000
Retained Earnings	3,200,000
Total Stockholder's Equity	$4,400,000

Assume that Archer splits its common stock 3-for-1. Prepare an equity section of the balance sheet that shows the effects of the stock split. (Please round all numbers to the nearest cent.)

Stockholders' equity:

Common stock, $0.xx par, xx shares authorized,

xx shares issued and outstanding $xx

Paid-In Capital in Excess of ParCommon xx

Retained Earnings xx

Total Stockholder's Equity $xx

2) Flowers, Inc. had beginning retained earnings of $125,000 on January 1, 2017. During the year, Flowers declared and paid $40,000 of cash dividends and earned $55,000 of net income. Prepare a statement of retained earnings for Flowers, Inc. for the year ending December 31, 2017.

Flowers, Inc.

Statement of Retained Earnings

Year Ended December 31, 2017

Retained Earnings, January 1,2017 $ xx

Net income for the year xx

xx

Dividends Declared (xx)

Retained Earnings, December 31, 2017 $ xx