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The following account balances were selected from the records of beverage maker Blake Corporation at December 31 after all adjusting entries were completed: Common stock
The following account balances were selected from the records of beverage maker Blake Corporation at December 31 after all adjusting entries were completed: Common stock (par S15, authorized 100,000 shares, issued 20,000 shares, $435,000 of which 1,100 shares are held as treasury stock) 174,000 Additional paid-in capitak common stock Dividends 22,000 Retained earnings, beginning of year 70,000 Treasury stock at cost (1,100 shares) 22,000 Net income for the year was S39,000. Required 1-a. Prepare the statement of retained earnings for the year ended December 31 BLAKE CORPORATION Statement of Retained Earnings For the Year Ended December 31 Retained Earnings, January 1 S Retained Earnings, December 31 1-b. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) BLAKE CORPORATION Balance sheet (Excerpt) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity
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