2a) chosse one:

- revenue minus Expense in Year 2 only or

- revenue minus Expense in Year 1 only

2c) what is the ending balance of Retained Endings in Year 2?

3c) what is the ending balance of Retained Earnings in Year 3?

Net Income, Dividends, and Retained Earnings $300 $250 $200 $150 $100 150 $50 20 $0 NI Div RE Year 1 NI Div RE Year 2 NI Div RE Year 3 Required: 1. What is the amount of Retained Earnings at the end of Year 17 2a. At the end of Year 2, the company reports Net Income of $120. This amount includes: 2b. What amount of dividends did the company declare in Year 2? 2c. What is the ending balance of Retained Earnings in Year 2? 2d. The ending balance of Retained Eamings in Year 2 includes: 3a. What amount of Net Income did the company report in Year 3? 3b. What amount of dividends did the company declare in Year 3? 3c. What is the ending balance of Retained Earnings in Year 3? 3d. The ending balance of Retained Eamings in Year 3 includes: Net Income minus dividends from Year 1 and Year 2 Net Income minus dividends from Year 1 Year 2, and Year 3