10 Nov The ACJ Corporation was organized on January 1, Ye
The ACJ Corporation was organized on January 1, Year 1 with the investment of $400,000 by each of its four stockholders Net income for its first year of business was $182,000 There was a loss of $62,000 in Year 2 Net income during Year 3 was $195,000 and increased by $50,000 during Year 4 The ACJ Corporation paid no dividends during Year 1 and Year 2 It then paid $26,000 in dividends in Year 3 and increased it to $38,000 for the next year During Year 3, $700,000 additional stock was issued1 Prepare a statement of retained earnings for each of the 4 years2 What is the total SE for each of the 4 years?3 What is the balance in the retained earnings on January 1, Year 5?4 What is the balance in the common stock (also called contributed capital or capital stock) on 01/01/Year 5?5 Should the ending retained earnings equal the cash on balance sheet? Explain6 Should ending retained earnings equal NI? Explain
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