Requirement 2. Prepare the statement of retained earnings (with a proper heading) for 2018. (Enter all amounts in millions. Include a subtotal after the "Add" line of the statement.) i More Info (millions) Retained earnings, December 31, 2017 Add: Net income for the period Edwin incurred, during that same year, salary expense of $34 million, rent expense of $23 million, and utilities expense of $16 million. Edwin declared and paid dividends of $16 million during the year. At December 31, 2018, Edwin had cash of $185 million, accounts receivable of $70 million, property and equipment of $35 million, and other long-term assets of $22 million. At December 31, 2018, the company owed accounts payable of $56 million and had a long-term note payable of $26 million. Edwin began 2018 with a balance in retained earnings of $73 million. At December 31, 2018, Edwin had total stockholders' equity of $230 million, which consisted of common stock and retained earnings. Edwin has a year-end of December 31. Subtotal Less: Dividends declared Retained earnings, December 31, 2018 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. parts AL Pabals Requirement 2. Prepare the statement of retained earnings (with a proper heading) for 2018. (Enter all amounts in millions. Include a subtotal after the "Add" line of the statement.) i More Info (millions) Retained earnings, December 31, 2017 Add: Net income for the period Edwin incurred, during that same year, salary expense of $34 million, rent expense of $23 million, and utilities expense of $16 million. Edwin declared and paid dividends of $16 million during the year. At December 31, 2018, Edwin had cash of $185 million, accounts receivable of $70 million, property and equipment of $35 million, and other long-term assets of $22 million. At December 31, 2018, the company owed accounts payable of $56 million and had a long-term note payable of $26 million. Edwin began 2018 with a balance in retained earnings of $73 million. At December 31, 2018, Edwin had total stockholders' equity of $230 million, which consisted of common stock and retained earnings. Edwin has a year-end of December 31. Subtotal Less: Dividends declared Retained earnings, December 31, 2018 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. parts AL Pabals