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Landon Corporation was organized on January 2, 2006, with the investment of $100,000 by each of its two stockholders. Net income for its first year...

Landon Corporation was organized on January 2, 2006, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased during 2007 to $125,320 and to $145,480 during 2008. Landon paid $20,000 in dividends to each of the two stockholders in each of the three years.

Prepare a statement of retained earnings as of December 31, 2008. Use the minus sign to indicate deductions.

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549809_ACC.xls

Statement of Retained Earning
Total Investment
2006 Net Income
Dividend
Closing Retained Earning 200,000
85,200
40,000
45,200 2007 Opening Retained Earning
Net Income
Dividend
Closing Retained...

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