(Prepare a statement of retained earnings, LO 1, 5) On December 31, 2004, Canmore Inc. (Canmore) reported...
Question:
(Prepare a statement of retained earnings, LO 1, 5) On December 31, 2004, Canmore Inc. (Canmore) reported retained earnings of $120,000. For the year ended December 31, 2005, Canmore had net income of $30,000 and paid dividends of $10,000.
Required:
Prepare a statement of retained earnings for Canmore for the year ended December 31, 2005.
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