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Business, 23.10.2019 02:00 Shaynele

Shown below in t-account format are the changes affecting the retained earnings of forge corporation during 2018. at january 1, 2018, the corporation had outstanding 104 million common shares, $1 par per share. retained earnings ($ in millions) 99 beginning balance retirement of 4 million common shares for $28 million 2 83 net income for the year declaration and payment of a $0.31 per share cash dividend 31 declaration and distribution of a 5% stock dividend 26 123 ending balance required: 1. from the information provided by the account changes you should be able to recreate the transactions that affected forge’s retained earnings during 2018. prepare the journal entries that forge must have recorded during the year for these transactions. 2. prepare a statement of retained earnings for forge for the year ended 2018.

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Shown below in t-account format are the changes affecting the retained earnings of forge corporation...
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