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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021. Volunteers began operations

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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021. Volunteers began operations in 2013, 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 INC. ($ in millions) Net Year Income (Loss) Retained RAIDERS INC. Earnings Income (Loss) ($ in millions) Net Retained Earnings 2012 $ 0 $ 26 $ 12 2013 $ 19 (54) 2014 (5) 65 2015 30 52 2016 124 91 2017 19 1241 2018 (142) (53) 2019 566 63 2020 348 99 2021 349 151

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