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Prepare a retained earnings

The effective corporate tax rate is 30 percent. The company had 10.000 shares at common stock outstanding for the entire year.

(1) Prepare a multiple-step income statement in good form for the year ended December 31. 2014,

(2) Prepare a retained earnings statement in good form for the year ended December 31, 2014.

Cash payments Lo Suppliers . . . . . . „ ....... Beginning Inventory . • . Ending A/P .................................................. Ending Tnventory .................................. Historical Cost of disposed equipment .................. Accumulated Depreci.ation on disposed Equipment ........	312,04c. '40= 6,400 46.000 56,000 49.0=
Proceeds trem sale of equipment ......................	0,C00
Prior period adjustment .................................	(16.000)
Gain en disposal of business component.. ...... . ...	30,400
Retained earnings, january 1, 2014 ...................	1,6^.00,C4⁰
Dividends declared .........................................	12.000

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