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How do you calculate without previous year retained earnings

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A company was organized on January 1, 2011. For the first two years of operations, it reported the following: Net income for 2011 $31,000, Net Income for 2010 $42,000, Divedends for 2011 $14,200, Divedends for 2012 $18,700, Total assets at the end of 2011 $130,000, Total assets at the end of 2012 $250,000, Prepare a statement of retained esrnings for 2012. How do you calculate without the previous years retained earnings?

Reference no: EM13525018

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