Reference no: EM132902400
Question - At Dec 31, 2021 Red Roberts Ltd. a private company reporting under ASPE had the following shareholders' equity:
Common shares, 75,000 issued $300,000
Retained earnings $75,000
During 2022 the following events occured:
On Feb 1, the company declared and paid a $0.50 cash dividend
On June 10 the company split the common shares two for one.
On Dec. 1, the company declared and paid a $0.40 cash dividend
At Dec. 31, the company reported a loss of $106,000 for the year
Required -
a) Complete a statement of retained earnings for the year ended Dec. 31, 2022?
b) If Red River were a publicly -traded corporation would it still prepare a statement of retained earnings. Explain?
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