How and what is the retained earnings?

9 Required information The following information applies to the questions displayed below. Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $38,400, declared no dividends, and the following selected transactions occurred in the order given: Part 3 of 3 10 points a. Issued 62,000 shares of the common stock at $13 cash per share b. Reacquired 2,200 shares at $16 cash per share from stockholders; the shares are now held in treasury C. Reissued 1100 of the shares in transaction (b) two months later at $19 cash per share eBook 3. Prepare the stockholders' equity section of the balance sheet at December 31. TIP: Because this is the first year of operations Retained Earnings has a zero balance at the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) Print WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity References Contributed Capital Common Stock Additional Paid-In Capital, Common Stock Additional Paid-In Capital, Preferred Stock $ 620,000 186,000 3,300 Total Contributed Capital etained Earnings 809,300 Total 809,300 (17,600) $ 791,700 ess: Treasury Stock, at Cost Total Stockholders' Equity