Messer Company had retained earnings at the beginning of the current year of $590,000. During the year, the following activities occurred:
⢠Net income of $88,000 was earned.
⢠A cash dividend of $1.20 per share was declared and distributed on the 45,000 shares of common stock outstanding.
Prepare a statement of retained earnings for the year.
MESSER COMPANY
Statement of Retained Earnings
For Year Ended
Retained earnings, beginning of year
Retained earnings, end of year