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Please correct my mistakes Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows. 2019 $5,724,552 (156,000) RENN-DEVER
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Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows. 2019 $5,724,552 (156,000) RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2021 2020 Balance at beginning of year $6,825,452 $5,568,552 Net income (loss) 3,288,700 2,180,900 Deductions: Stock dividend (32,000 shares) 224,000 Common shares retired (108,000 shares) 216,000 Common stock cash dividends 849,950 708,000 Balance at end of year $9,040,202 $6,825,452 0 $5,568,552 At December 31, 2018, common shares consisted of the following: Common stock, 1,760,000 shares at $1 par Paid-in capital-excess of par $ 1,760,000 12,320,000 Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2019, 2020, and 2021. Prepare the journal entries that reflect those events and transactions. (Hint: In lieu of revenues and expenses, use an account titled "Income summary" to close net income or net loss.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 2019 156,000 Retained earnings Income summary 156,000 2 2020 2,180,900 Income summary Retained earnings 2,180,900 3 2020 Common stock Paid-in capital - excess of par Cash OOI OOL 108,000 756,000 648,000 X 216,000 X Retained earnings 4 2020 708,000 Retained earnings Cash dividends payable 708,000 5 2020 708,000 Cash dividends payable Cash 708,000 6 2021 3,288,700 Income summary Retained earnings 3,288,700 OO OOO 7 2021 224,000 Treasury stock Common stock 32,000 192,000 Paid-in capital - excess of par 8 2021 849,950 Retained earnings Cash dividends payable 849,950 Oo oo 9 2021 Cash dividends payable 849,950 Cash 849,950Step by Step Solution
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