Exercise 21-18 (Algo) Spreadsheet entries from statement of retained earnings (LO21-3, 21-4, 21-5, 21-6, 21-7, 21-8] The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 Add: Deduct: Net income Cash dividend Stock dividend (1 million shares of $1 par common stock) Property dividend (Garfield Company preferred stock held as a short-term investment) Sale of treasury stock (cost $61 million) Retained earnings, December 31 $285 58 (27) (27) (26) (9) $254 View journal entry worksheet No Event General Journal Debit Credit 1 Net income 97 Retained earnings 97 2 2 Retained earnings Cash 12 12 3 3 Retained earnings Common stock Paid-in capital-excess of par 4 Retained earnings Short-term investments 5 5 Cash Retained earnings Treasury stock 19 1 18 16 15 15 33 10 43 The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 Add: Deduct: Net income Cash dividend Stock dividend (1 million shares of $1 par common stock) Property dividend (Garfield Company preferred stock held as a short-term investment) Sale of treasury stock (cost $61 million) Retained earnings, December 31 $285 58 (27) (27) (26) (9) $254