ACC 307 5-2 Homework 4 - The statement of retained earnings...

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The statement of retained earnings of Gary Larson Publishers is presented below. GARY LARSON PUBLISHERS Statement of Retained Earnings For the Year Ended December 31, 2013 ($ in millions) Retained earnings, January 1 $ 250 Add: Net income 62 Deduct: Cash dividend (19) Stock dividend 1 million shares of $1 par common stock) (22) Property dividend (Garfield Company preferred stock held as a short-term investment) (18) Sale of treasury stock (cost $40 million) (8) Retained earnings, December 31 $ 245 Required: Prepare the journal entries to record the transactions that affected Gary Larson Publishers' retained

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