Problem 2: Gondola Company showed the following charges and credits to retained earnings for 2021: Balance - January 1 Loss from fire Goodwill impairment Share dividend Loss on sale of equipment Compensation of prior period not accrued Loss on retirement of preference share at more than issue price Share premium Gain on early retirement of bonds Gain on life insurance settlement Correction of prior period error Net income for the year Appropriated for treasury shares during the year 2,600,000 50,000 250,000 700,000 200,000 500,000 350,000 600,000 100,000 450,000 400,000 3,000,000 1,000,000 Required: Prepare a statement of retained earnings for 2021.

Problem 2: Gondola Company showed the following charges and credits to retained earnings for 2021: Balance - January 1 Loss from fire Goodwill impairment Share dividend Loss on sale of equipment Compensation of prior period not accrued Loss on retirement of preference share at more than issue price Share premium Gain on early retirement of bonds Gain on life insurance settlement Correction of prior period error Net income for the year Appropriated for treasury shares during the year 2,600,000 50,000 250,000 700,000 200,000 500,000 350,000 600,000 100,000 450,000 400,000 3,000,000 1,000,000 Required: Prepare a statement of retained earnings for 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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