Comparative statements of retained earnings for Renn-Dever Corporation were reported in its 2013 annual report as follows..
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RENN-DEVER CORPORATION
Statements of Retained Earnings
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For the Years Ended December 31,
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2013
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2012
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2011
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Balance at beginning of year
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$
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6,737,452
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$
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5,494,552
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$
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5,644,552
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Net income (loss)
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3,208,700
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2,100,900
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(150,000
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Deductions:
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Stock dividend (30,000 shares)
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210,000
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Common shares retired (100,000 shares)
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200,000
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Common stock cash dividends (declared and paid)
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809,950
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658,000
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0
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Balance at end of year
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$
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8,926,202
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$
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6,737,452
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$
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5,494,552
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At December 31, 2010, common shares consisted of the following:
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Common stock, 1,700,000 shares at $1 par
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$
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1,700,000
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Paid-in capital-excess of par
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5,100,000
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Infer from the reports the events and transactions that affected Renn-Dever Corporation's retained earnings during 2011, 2012, and 2013. Prepare the journal entries that reflect those events and transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)