P18-4
Comparative statements of retained earnings for Renn-Dever Corporation were
reported in its 2011 annual report as follows
P18-4
Statement of retained earnings
P18-4 Comparative
statements of retained earnings for Renn-Dever Corporation were reported in its
2011 annual report as follows.At December 31, 2008, common
shares consisted of the following:Common stock, 1,855,000 shares at
$1 par$1,855,000
Paid-in capital—excess of
par7,420,000Required:
Infer from the reports the events
and transactions that affected Renn-Dever Corporation’s retained earnings
during 2009, 2010, and 2011. Prepare the journal entries that reflect those
events and transactions.