Homework Answers
For 2020
Retained earnings, ending = Retained earnings, beginning + Net income - Cash dividend paid
= 55,000 + 39,000 - 17,000
= $77,000
Statement of shareholders' equity
For the year ended December 31, 2021
| Common stock | Retained earnings | Total shareholders' equity | |
| Balance at January 1, 2021 | 72,000 | 77,000 | 149,000 |
| Additional stock issued | 22,000 | 22,000 | |
| Net income | 44,000 | 44,000 | |
| Dividend declared and paid | - 20,000 | - 20,000 | |
| Balance at December 31, 2021 | 94,000 | 101,000 | 195,000 |
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