Following are selected data of Kane Corporation at 2009 December 31:
|
Net income for the year |
$512,000 |
|
Dividends declared on preferred stock |
72,000 |
|
Retained earnings appropriated during the year for future plant expansion |
240000 |
|
Dividends declared on common stock |
64,000 |
|
Retained earnings, January 1, un appropriated |
720,000 |
|
Directors ordered that the balance in the “Appropriation per loan agreement”, related to a loan repaid on 2009 March 31, be returned to un appropriated |
|
|
retained earnings |
480,000 |
Prepare a statement of retained earnings for the year ended 2009 December 31.