Statement of retained earnings
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Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2016 annual report as follows.
At December 31, 2013, 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
Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2014, 2015, and 2016. Prepare the journal entries that reflect those events and transactions.
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Solution Summary
The Solution uses Excel to complete the journal entries for Renn-Dever.
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