Reference no: EM13144168
On January 1, 2006, Walter Corporation had Retained Earnings of $378,000. During the year, Walter had the following selected transactions:
a. Declared stock dividends of $40,000.
b, Declared cash dividends of $60,000.
c. A 2 for 1 stock split involving the issue of 200,000 shares of $5 par value common stock for 100,000 shares of $10 par value common stock.
d. Suffered a net loss of $70,000.
e. Corrected understatement of 2005 net income because of an inventory error of $58,000.
Required: Prepare a retained earnings statement for the year.
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: On January 1, 2006, Walter Corporation had Retained Earnings of $378,000. During the year, Walter had the following selected transactions: Prepare a retained earnings statement for the year.
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