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How Pemberton would report its retained earnings

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Reference no: EM132889689

Problem - Restrictions Pemberton Company has a retained earnings balance of $400,000 at the end of 2019. During 2019, it had issued $100,000 of 5-year, 12%, long-term bonds. The bond provisions require that each year over the 5-year period an additional $20,000 of retained earnings be unavailable for dividends. This restriction is in addition to any other retained earnings restrictions that the company might make. At the end of 2019, Pemberton held treasury stock costing $15,000.

Required - Show how Pemberton would report its retained earnings in its 2019 financial statements. Include a note to the financial statements fully describing the restrictions.

Reference no: EM132889689

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