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Concord Corporation has retained earnings of $713,600 at January 1, 2020. Net income during 2020 was...

Concord Corporation has retained earnings of $713,600 at January 1, 2020. Net income during 2020 was $1,675,300, and cash dividends declared and paid during 2020 totaled $78,500. Prepare a retained earnings statement for the year ended December 31, 2020. (List items that increase retained earnings first.)

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The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

Answer - Part 1) Statement of Retained Earnings Beginning Balance 713600 Add Net income 1675300 2388900 Less Dividend Declare

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