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1. Record transfer of net loss to retained earnings. 2014 2. Record transfer of net income to retained earnings. 2015 3. Record repurchase of shares
1. Record transfer of net loss to retained earnings. 2014
2. Record transfer of net income to retained earnings. 2015
3. Record repurchase of shares for retirement. 2015
4. Record declaration of cash dividend. 2015
5. Record payment of cash dividend. 2015
6. Record transfer of net income to retained earnings. 2016
7. Record issue of stock dividend 2016
8. Record declaration of cash dividend 2016
9. Record payment of cash dividend 2016
Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2016 annual report as follows. RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2016 2015 2014 $6,810,952 $5,550,052 $5,704,552 Balance at beginning of year Net income (loss) 3,268,700 2,160,900 (154,500) Deductions: 220,500 Stock dividend (31,500 shares) Common shares retired (106,000 shares) 212,000 839,950 688,000 Common stock cash dividends Balance at end of year $9,019,202 $6,810,952 $5,550,052 At December 31, 2013, common shares consisted of the following Common stock, 1,745,000 shares at $1 par 1,745,000 10,470,000 Paid-in capital-excess of par Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2014, 2015, and 2016. Prepare the journal entries that reflect those events and transactions. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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