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need help with what i got wrong. thank you (: www.youty Luvu. HUMUUMI. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December
need help with what i got wrong. thank you (:
www.youty Luvu. HUMUUMI. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2021 ($ in millions) Retained earnings, January 1 Add: Net income Deduct: 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 $64 million) Retained earnings, December 31 $295 52 (24) (29) (25) (12) $257 Required: For the transactions that affected Larson's retained earnings, reconstruct the journal entries that can be used to determine cash flows to be reported in a statement of cash flows. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) Answer is not complete. General Journal No Event Debit Credit 1 1 Cash Retained earnings 52 52 2 2 Retained earnings Cash 24 O 24 3 3 29 . Retained earnings Common stock Pald-in capital - excess of par 28 4 4 25 Retained earnings Short-term investments : 25 5 5 Cash Retained earnings Treasury stock 53 % 12 Step by Step Solution
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