Prepare a Retained Earnings Statement for the year ended December 31, 2021. Transcribed Image Text: 1. Yellow Corporation had the following stockholders equity accounts on December 31,
2020.
Common Stock ($8 par value, 120,000 shares authorized,
$ 320,000
40,000 shares issued and outstanding)
Paid-in-Capital in Excess of Par Common Stock
$ 2,900,000
Retained Earnings
$ 3,500,000
The following were transactions that occurred during 2021:
20-Feb
Declared a $4 cash dividends per share on common stock
3-Mar
Record date for cash dividends declared on 20 Feb
19-Mar
Paid cash dividends
28-Apr
Issued 15,000
res of common sto
for $16 per share
5-?ay
Declared a $3 cash dividends per share on common stock
9-Jun
Record date for cash dividends declared on 5 May
17-Jul
Paid cash dividends
8-Aug
Issued 23,500 shares of common stock for $20 per share
7-Sep
Declared a $2 cash dividends per share on common stock
9-Oct
Record date for cash dividends declared on 7 September
5-Nov
Paid cash dividends
31-Dec
Determined that net income for the year was $650,000
Instructions:
2. Prepare a Retained Earnings Statement for the year ended December 31, 2021.
