For the year ended December 31, 2017, Game Inc. reported the
following.
A) What would Game report as the ending balance of retained
earnings?
B) Show how the Stockholders’ Equity section of the balance
sheet should look like.
Net income
$30,000
Preferred dividends declared
$5,000
Common dividend declared
$1,000
Unrealized holding loss, net of tax
$500
Retained earnings, beginning balance
$40,000
Common stock
$20,000
Accumulated other comprehensive income, beginning balance
$3,000
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