Preparing a Statement of Retained Earnings
Clint's Stonework Corporation was organized on January 1, 2011. For its first two years of operations, it reported the following:
Net income for 2011............................. $ 31,000
Net income for 2012............................. 42,000
Dividends for 2011............................... 14,200
Dividends for 2012............................... 18,700
Total assets at the end of 2011................. 130,000
Total assets at the end of 2012................. 250,000
Required:
On the basis of the data given, prepare a statement of retained earnings for 2012. Show computations.