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Comparative statements of retained earnings for Renn - Dever Corporation were as follows: RENN - DEVER CORPORATION Statements of Retained Earnings For the Years Ended
Comparative statements of retained earnings for RennDever Corporation were as follows:
RENNDEVER CORPORATION
Statements of Retained Earnings
For the Years Ended December
Balance at beginning of year $ $ $
Net income loss
Deductions:
Stock dividend shares
Common shares retired shares
Common stock cash dividends
Balance at end of year $ $ $
At December common shares consisted of the following:
Common stock, shares at $ par $
Paidin capitalexcess of par
Required:
Infer from the reports the events and transactions that affected RennDever Corporations retained earnings during and Prepare the journal entries that reflect those events and transactions. Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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