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At December 31, 2017, the following account balances were selected from the records of beverage maker Blake Corporation after all adjusting entries were completed: Common
At December 31, 2017, the following account balances were selected from the records of beverage maker Blake Corporation after all adjusting entries were completed: Common shares (no-par value; authorized 100,000 shares, issued 30,000 shares) Contributed surplus Dividends declared and paid in 2017 Retained earnings, January 1, 2017 $450,000 155,000 23,000 71,000 Net income for the year was $43,000. Required: 1. Prepare the statement of retained earnings for the year ended December 31, 2017, and the shareholders' equity section of the balance sheet at December 31, 2017. (Amounts to be deducted should be indicated with minus sign.) BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2017 Retained Eamings. January 1, 2017 Retained Earnings, December 31, 2017 $ 0 BLAKE CORPORATION Balance Sheet (Excerpt) Shareholders' Equity-December 31, 2017 Contributed capital: BLAKE CORPORATION Balance Sheet (Excerpt) Shareholders' Equity-December 31, 2017 Contributed capital: Total contributed capital 0 Total Shareholders' Equity S 0 2. Compute the ROE ratio for 2017, assuming total shareholders' equity on December 31, 2016 was $624,000. (Round your answer to 1 decimal place.) ROE ratio
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