Serena Company has 400,000 shares of $ 8 par value of common stock outstanding at all times and on balance retained earnings as shown here: Retained Earnings swan saw Janua ry, 1, 2016 320,090 Serena's company declared no dividends during this period Fair value of Serena's assets and liabilities Companies roughly equal their book value throughout this period (2013 to 201% Peter Company uses the cost method