Hi, could you please have a look at the question and tell me if it's wrongly asked? I will ask a remark if that's the case. The reason is that it says in its first year of business it has a net income 243750 which means for the year ending 30 june 16. However it goes on to say for the year ending 30 June 16 , " ITS second year of operation " How could it be the second year ? if the financial year runs from 1 July 15 to 30 june 16. Could you tell me if i can contest this question with enough confidence in the sense that the dates are either wrong or not enough info has been given ?

Part D (5 marks) Chedacorn was incorporated on July 1, 2015 by 10 shareholders who each invested $100,000 in cash in exchange for common shares.hedacom's yearend is June 30th In its rst year or business Chedacorn had a net income of $243,750 For its years ended June 30, 20T6 and 2017 its sccond and third years of operation, Chedacorn reported net income of $560,000 respectively. In its first ycar Chedacorn did not pay any dividends, bult in liscal 2016 it paid $62,500 in dividends and in 2017 it paid $100,000 in dividends. Required Prepare a statement of retained earnings for the year ended June 30, 2017. wet in Come 36000 0 Add Net incere looos Less dividends paid