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Below are the restated amounts of net income and retained earnings for Company A and Company B for the period Year 1-Year 10 Volunteers began

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Below are the restated amounts of net income and retained earnings for Company A and Company B for the period Year 1-Year 10 Volunteers began operations in Year 2, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Company A Company B ($ in millions) (s in millions) Net Retained Net Retained Income (Loss) Earnings Income (Loss) Earnings $ 0 $ 33 $ 10 $ 12 (61) (6) 62 23 45 117 84 12 117 (149) (60) 550 56 341 92 Year 9 Year 10 342 144

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