For the year ended September 30, Mos Motors Inc. reported an ending balance in Retained Earnings of $324,000. During the year, the company declared and paid a total of $61,000 cash dividends. The balance in Retained Earnings account at the beginning of the year was $247,000.

Create a ledger account for the Retained Earnings account and show all the entries as they would have been posted and calculate the amount of profit for the year.

Retained Earnings

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Create a ledger account for the Retained Earnings account and show all the entries as they would have been posted assuming this time that profit was $189,000. Calculate the amount of dividends declared and paid for the year.

Retained Earnings