A B C D E Statement of Retained Earnings and Statement of Stockholders' Equity 2 IL H 3 Information about Nile Inc.'s stockholders' equity as of January 1, 2028, is provided below: 4 Nile is authorized to issue 50,000 shares of $0.01 par, common stock. 24,000 shares are issued and outstanding. 5 Nile is also authorized to issue 75,000 shares of $6 par, 5%, cumulative preferred stock. 8,000 shares are issued and outstanding. Balances as of January 1, 2028, for selected accounts are as follows: Preferred Stock $48,000; Additional Paid-In Capital-P/S $63,000; Common Stock $240; Additional Paid-In Capital-C/S $108,000; Treasury Stock-C/S $0; Additional Paid-In Capital from Treasury Stock $0; Retained Earnings 6 $42,300. Net income for 2028 is $75,100. 7 8 Required: Use the template below and the information provided above and from your journal entries, to prepare the statement of retained earnings for 9 Nile Inc. for 2028. Enter as negative numbers amounts that cause a decrease in equity. Nile Inc. Statement of Retained Earnings 17 18 19 For the Year Ended December 31, 2028 20 Beginning balance January 1, 2028 21 Net Income 22 Cash Dividends declared 23 Stock Dividends declared 24 Ending balance December 31, 2028 25 26 Required: Use the template below and the information provided above and from your journal entries, to prepare the statement of stockholders' equity 27 for Nile Inc. for 2028. 28 Hint: Since Treasury Stock is a contra-contributed capital account, show increases in Treasury Stock as negative amounts and decreases as Hint: Since dividends declared accounts are closed into Retained Earnings at the end of the year, show dividends declared amounts in the 29 Retained Earnings column. Consider what effect dividends have on Retained Earnings. 30 31 32 Nile Inc. 33 Description 34 Beginning balance January 1, 2028 35 Net Income 36 Preferred Stock issued 37 Common Stock issued 38 Cash Dividends declared 39 Stock Dividends declared 40 Treasury Stock-C/S acquired 41 Treasury Stock-C/S sold 42 Treasury Stock-C/S sold 43 Ending balance December 31, 2028 44 45 46 47 48 49 50 Statement of Stockholders' Equity For the Year Ended December 31, 2028 Additional Paid-In Preferred Stock $6 par Additional Paid-In Capital-P/S Common Stock $0.01 par Treasury Additional Stock-C/S at Paid-In cost $6 per Capital-C/S share Capital from Treasury Stock Retained Earnings Totals AD AE