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please provide step by step how to solve this problem Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and
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Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) ($ in millions) Year Net Income (Loss) $ Retained Earnings $ 0 Net Income (Loss) $ 26 Retained Earnings $ 12 2015 0 2016 19 (54) 2017 65 (5) 30 2018 52 2019 124 91 2020 19 124 2021 (53) (142) 566 2022 63 2023 348 99 2024 349 151Step by Step Solution
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