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RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31 2026 2025 2024 Balance at beginning of year $6,810,952 $5,550,052 $5,704,552 Net income
RENN-DEVER CORPORATION | |||
---|---|---|---|
Statements of Retained Earnings | |||
For the Years Ended December 31 | |||
2026 | 2025 | 2024 | |
Balance at beginning of year | $6,810,952 | $5,550,052 | $5,704,552 |
Net income (loss) | 3,268,700 | 2,160,900 | (154,500) |
Deductions: | |||
Stock dividend (31,500 shares) | 220,500 | ||
Common shares retired (106,000 shares) | 212,000 | ||
Common stock cash dividends | 839,950 | 688,000 | 0 |
Balance at end of year | $9,019,202 | $6,810,952 | $5,550,052 |
At December 31, 2023, common shares consisted of the following:
Common stock, 1,745,000 shares at $1 par | $ 1,745,000 |
---|---|
Paid-in capitalexcess of par | 10,470,000 |
Required:
Infer from the reports the events and transactions that affected Renn-Dever Corporations retained earnings during 2024, 2025, and 2026. 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.)
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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