1. Retained earnings as of 12/31/2019 were $15,000,000. Net income for the year ending 12/31/2019...
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1. Retained earnings as of 12/31/2019 were $15,000,000. Net income for the year ending 12/31/2019 was $600,000. Bonds were issued for $2,000,000, Dividends of $50,000 were paid, and Treasury Stock was issued for $80,000 during 2019. a. Calculate the beginning retained earnings balance as of 1/1/2019.
2. Retained earnings as of 1/1/2019 were $69,000,000. Net income for the year ending 12/31/2019 was $2,000,000. Equipment was purchased totaling $1,000,000, bond payments during the year totaled $500,000, and interest expense totaled $725,000 for the year. Dividends of $100,000 were declared and paid on common stock, and dividends of $75,000 were declared and paid on preferred stock in 2019. a. Calculate the ending retained earnings balance as of 12/31/2019.
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