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points On January 1, 20x5, the retained earnings account for Covington Company was as follows: Retained Earnings- --$800,000 The following information related to Covington during
points On January 1, 20x5, the retained earnings account for Covington Company was as follows: Retained Earnings- --$800,000 The following information related to Covington during the year 20x5: Cash dividends declared $100,000 Cash dividends paid 50,000 Net loss for the year 150,000 Stock dividends declared 150,000 Stock sold for cash 100,000 Stock dividends issue 70,000 Bonds retired 80,000 Gain on bonds retired 3,000 REQUIRED: Using the form provided below, determine the ending balance for retained earnings at December 31, 20x5. Statement of Retained Earnings Beginning balance Add: Deduct: Ending balance
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