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Problem - Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2011 annual report as follows.
RENN-DEVER CORPORATION Statements of Retained Earnings
For the Years Ended December 31,
2011
2010
2009
Balance at beginning of year
$4,835,045
$4,271,440
$4,570,940
Net income (loss)
2,192,300
1,124,500
(299,500)
Deductions:
Stock dividend (35,000 shares)
242,000
Common shares retired (114,000 shares)
212,300
Common stock cash dividends
591,921
348,595
0
Balance at end of year
$6,193,424
At December 31, 2008, common shares consisted of the following:
Common stock, 1,855,000 shares at $1 par
$1,855,000
Paid-in capital - excess of par
7,420,000
Required: Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2009, 2010, and 2011. Prepare the journal entries that reflect those events and transactions.
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