Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2013 annual report as follows.

RENN-DEVER CORPORATION Statements of Retained Earnings

For the Years Ended December 31,

2013

2012

2011

Balance at beginning of year

$

7,035,952

$

5,715,052

$

5,884,552

Net income (loss)

3,468,700

2,360,900

(169,500

)

Deductions:

Stock dividend (36,000 shares)

252,000

Common shares retired (126,000 shares)

252,000

Common stock cash dividends (declared and paid)

929,950

788,000

0

Balance at end of year

$

9,322,702

$

7,035,952

$

5,715,052

At December 31, 2010, common shares consisted of the following:

Common stock, 1,880,000 shares at $1 par	$	1,880,000
Paid-in capital