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Preparation of a Statement of Retained Earnings business on March 2, 2013 with an investment of $125,000 by each of its two shareholders. Net income for 2013 was $34,500. Net income increased to $56,400 in 2014 and to $94,250 in 2015. The company did not pay any dividends in 2013. However, Trail Mix distributed $5,000 dividends to each of the shareholders for both 2014 and 2015, E1-3 Trail Mix, Inc. was organized to do Trail Mix, Inc. Required Prepare a statement of retained earnings for the year ended December 31, 2015
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Calculation of Retained Earnings Year 2013 2014 2015 S 34,500.00 S 80,900.00 $34,500.00 S 56,400.00S 94,250.00 $34,500.00 S 90,900.00 $175,150.00 Less: Dividend DistributedS-S 10,000.00 S 10,000.00 Opening Balance Add : Profit (Loss) Total (5000 Each X2) Closing Balance(T/tto RE) S34,500.00 S 80,900.00 $165,150.00

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