Landon Corporation was organized on January 2, 2015, with the investment of $120,000 by each...
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Accounting
Landon Corporation was organized on January 2, 2015, with the investment of $120,000 by each of its two stockholders. Net income for its first year of business was $79,340. Net income increased during 2016 to $114,250 and to $133,670 during 2017. Landon paid $19,000 in dividends to each of the two stockholders in each of the three years.
Required:
Prepare a statement of retained earnings for the year ended December 31, 2017.
| Landon Corporation | |
| Statement of Retained Earnings | |
| For the Year Ended December 31, 2017 | |
| Retained earnings, January 1, 2017 | $fill in the blank 2 |
| Net income for 2017 | fill in the blank 4 |
| Dividends declared and paid | fill in the blank 6 |
| Retained earnings, December 31, 2017 | $fill in the blank 8 |
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