The balance in retained earnings on January 1, 2021, 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 2021 was $120,000. Prepare the retained earnings statement for 2021. (List items that increase retained earnings first.) BOOKER INC. Retained Earnings Statement $

Principles of Accounting Volume 1
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Chapter4: The Adjustment Process
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Problem 17PB: Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings...
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The balance in retained earnings on January 1, 2021, 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 2021 was $120,000.
Prepare the retained earnings statement for 2021. (List items that increase retained earnings first.)
BOOKER INC.
Retained Earnings Statement
$
Transcribed Image Text:The balance in retained earnings on January 1, 2021, 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 2021 was $120,000. Prepare the retained earnings statement for 2021. (List items that increase retained earnings first.) BOOKER INC. Retained Earnings Statement $
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