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Record transfer of net loss to retained earnings

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Question - Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2021 annual report as follows.

RENN-DEVER CORPORATION Statements of Retained Earnings For the Years Ended December 31

2021 2020 2019

Balance at beginning of year$6,845,952 $5,587,052 $5,744,552

Net income (loss) 3,328,700 2,200,900 (157,500)

Deductions:

Stock dividend (32,500 shares) 227,500

Common shares retired (112,000 shares) 224,000

Common stock cash dividends 859,950 718,000 0

Balance at end of year $9,087,202 $6,845,952 $5,587,052

At December 31, 2018, common shares consisted of the following:

Common stock, 1,775,000 shares at $1 par$1,775,000

Paid-in capital-excess of par 14,200,000

Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2019, 2020, and 2021. The journal entries that reflect those events and transactions.

Journal Entry Worksheet

-(2019) Record transfer of net loss to retained earnings

-(2020) Record transfer of net income to retained earnings

-(2020) Record repurchase of shares for retirement

-(2020) Record declaration of cash dividend

-(2020) Record payment of cash dividend

-(2021) Record transfer of net income to retained earnings

-(2021) Record issue of stock dividend

-(2021) Record declaration of cash dividend

-(2021) Record payment of cash dividend

Reference no: EM132849887

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