GL1101 - Based on Problem 11-2A LO C3, P2, P3 Edmunds Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330,000 $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 closed the $380,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Sept. Oct. Dec. Answer is not complete. RE General General Requirement Statement of Stockholders Impact on Journal Trial Balance Ledger Equity Equity Prepare the Statement of Retained Earnings for Edmunds Corporation for the year ended December 31. EDMUNDS CORPORATION Statement of Retained Earnings For Year Ended December 31 Beginning retained earnings 330,000 Add: Net income 172,000 502,000 Less: Cash dividends declared 152,000 $ Ending retained earnings $ 350,000