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Pippin, Inc. had beginning retained earnings of $260,000 on January 1,2025. During the year, Pippin,...

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Accounting

Pippin, Inc. had beginning retained earnings of $260,000 on January 1,2025. During the year, Pippin, Inc. declared and paid $160,000 of cash dividends and earned $170,000 of net income. In addition, th company reports on January 1,2025,14,000 shares of common stock at a par value of $6 per share. The company issued this stock at par value, and there were no additional changes in common stock throughout the year. Prepare a statement of retained earnings and statement of stockholders' equity for Pippin, Inc. for the year ende becember 31,2025.
\table[[\table[[Pippin, Inc.],[Statement of Retained Earnings],[Year Ended December 31,2025]],,],[Retained Earnings, January 1,2025,$,260,000],[Net income for the year,,170,000],[,,430,000],[Dividends declared,,(160,000)
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