The balance in retained earnings on January 1, 2018, for Booker Inc., was $625,000. During the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $25,000. Net income for 2018 was $120,000.
Instructions
Prepare the retained earnings statement for 2018.

Question

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The Answer of The balance in retained earnings on January 1, 2018, for Booker Inc., was $625,000. During the year, the corporation paid cash dividends of $70,000 and distributed a stock dividend of $25,000. Net income for 2018 was $120,000.
Instructions
Prepare the retained earnings statement for 2018.

The Balance in Retained Earnings on January 1, 2018, for Booker