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3. Peterson Company had the following information related to its financial statements: a.The company issued bonds in the amount of $50,000. b.The company earned net

3. Peterson Company had the following information related to its financial statements:

a.The company issued bonds in the amount of $50,000.

b.The company earned net income of $78,900 and declared a cash dividend of $0.25 per share. Currently there are 50,000 shares outstanding.

c.Retained earnings at January 1, 2016 was $82,000.

Required: Prepare the reconciliation of retained earnings for December 31, 2016.

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