Homework Answers
Solution:
Statement of retained earnings
| 2008 | 2009 | 2010 | |
| Beginning Retained earnings | 0 | 45,200 | 1,30,520 |
| Add: Net Income | 85,200 | 125320 | 1,45,480 |
| Less: Dividends | 40,000* | 40,000* | 40,000* |
| Ending Retained earnings | 45,200 | 1,30,520 | 2,36,000 |
*40,000 = 2 x 20,000
ending Retained earnings for 2010 = $236,000
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