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Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers

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Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, 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.) VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) ($ in millions) Year Des Net Income (Loss) Retained Earnings Net Income (Loss) Retained Earnings 2015 $ 0 $ 0 $ 35 $ 11 2016 10 (63) 2017 (5) 60 2018 21 43 2019 115 82 2020 10 115 2021 (151) (62) 2022 557 54 2023 339 90 2024 340 142

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