Prepare a Statement of Retained Earnings for the Year Ended

Essay

Prepare a Statement of Retained Earnings for the year ended June 30,2017.
Chedacorn was incorporated on July 1,2015 by 10 shareholders who each invested $100,000 in cash in exchange for common shares.Chedacorn's year end is June 30th.In its first year of business Chedacorn had a net income of $243,750.For its years ended June 30,2016 and 2017,its second and third years of operation,Chedacorn reported net income of $472,500 and $560,000 respectively.In its first year Chedacorn did not pay any dividends,but in fiscal 2016 it paid $62,500 in dividends and in 2017 it paid $100,000 in dividends.