Comparative statements of retained earnings

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Reference no: EM13922070

Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2013 annual report as follows..

RENN-DEVER CORPORATION Statements of Retained Earnings
For the Years Ended December 31,	2013		2012		2011
Balance at beginning of year	$	6,737,452	$	5,494,552	$	5,644,552
Net income (loss)		3,208,700		2,100,900		(150,000
Deductions:
Stock dividend (30,000 shares)		210,000
Common shares retired (100,000 shares)				200,000
Common stock cash dividends (declared and paid)		809,950		658,000		0

Balance at end of year	$	8,926,202	$	6,737,452	$	5,494,552

At December 31, 2010, common shares consisted of the following:


Common stock, 1,700,000 shares at $1 par	$	1,700,000
Paid-in capital-excess of par		5,100,000

Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2011, 2012, and 2013. Prepare the journal entries that reflect those events and transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

Reference no: EM13922070

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