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3. Peterson Company had the following information related to its financial statements The company issued bonds in the amount of S50,000. The company earned net

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3. Peterson Company had the following information related to its financial statements The company issued bonds in the amount of S50,000. The company earned net income of S78,900 and declared a cash dividend of S0.25 per share. Currently there are 50,000 shares outstanding. Retained earnings at January 1, 2016 was S82,000. a. b. c. Required: Prepare the reconciliation of retained earnings for December 31, 2016

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