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  3. below are the restated amounts of net income and r

Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and...

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Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) ($ in millions) Net Income Retained Net Income Retained (Loss) Earnings (Loss) Earnings $ 0 $ 0 $ 30 $ 12 25 (48) (5) 56 36 58 130 97 25 130 (136) (47) 572 69 354 105 2024 355 157

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