On January 1, Martinez Corporation's retained earnings accounts had the following balances: Appropriation for debt retirement $ 53,000 Unappropriated retained earnings 900,000   $953,000 A summary of the year's activities is given below:        Cash dividends declared and paid on preferred stock $ 25,000      Cash dividends declared and paid on common stock 120,000      Additional appropriation for debt retirement 53,000      Net income for the year 310,000 ​ Required: Prepare the retained earnings statement for the year ended December 31, 20--.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On January 1, Martinez Corporation's retained earnings accounts had the following balances:

Appropriation for debt retirement

$ 53,000

Unappropriated retained earnings

900,000

 

$953,000

A summary of the year's activities is given below:  
     Cash dividends declared and paid on preferred stock

$ 25,000

     Cash dividends declared and paid on common stock

120,000

     Additional appropriation for debt retirement

53,000

     Net income for the year

310,000

Required:
Prepare the retained earnings statement for the year ended December 31, 20--.

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