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Calculate the balance in retained earnings on december

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Reference no: EM133154795

Question - Amber Wilson, owner of Canyon Canoe Company, decides to start a new company that will be operated as a corporation, Outdoor Equipment Incorporated (OEI). This company will sell outdoor clothing and equipment. The articles of incorporation for OEI authorize the company to issue 500,000 preferred shares that pay a dividend of $4.00 per year and 1,000,000 common shares. OEI had the following select transactions in 2022:

1. Journalize the transactions.

2. Calculate the balance in Retained Earnings on December 31, 2022. Assume net income for the year was $417,000.

3. Prepare the shareholders' equity section of the balance sheet as of December 31, 2022.

Reference no: EM133154795

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