Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations,...

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Plummer Stonework Corporation was organized on January 1, 2017. For its first two years of operations, it reported the follow

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Answer 1

Answer #1

Solution :

Statement of Stockholder's Equity :

	Common Stock	Retained Earnings
Balance December 31, 2017	$ 130,000	$ 16,000
Add: Net income	0	$ 42,200
Less: Dividends	0	$ 18,500*
Balance December 31, 2018`	$ 130,000	$ 39,700

Working :

Retained Earning on Dec, 2017 = Net Income for Year 2017 - Dividend for Year 2017

= $ 30,100 - $ 14,100

= $ 16,000

* Please write negative figure in Dividend if table does not allow postive figure as it will be deducted.

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Answer 2

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