Reference no: EM132602932

Question - For the year ended December 31, 2020, Parson Corporation reported the following:

Net income $300,000

Preferred dividends declared 50,000

Common dividend declared 10,000

Unrealized holding loss, net of tax 5,000

Retained earnings, beginning balance 400,000

Common stock 200,000

Accumulated Other Comprehensive Income,

Beginning Balance 25,000

A. Prepare Statement of Retained Earnings for Parson Corporation in good form.

B. Prepare the Stockholders' Equity section of Parson Corporation's Balance Sheet in good form.