Instructions Sumter Pumps Corporation, a manufacturer of industrial pumps, repor

Question

Instructions Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3 Retained earnings, January 1, 20Y3 Net income Cash dividends declared Stock dividends declared 8,135,000 980,000 2,526,000 Prepare a retained earnings statement for the year ended December 31, 20Y3. Refer to the lists of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted negative numbers use a minus sign.

Explanation / Answer

Retained earnings statement :

Beginning retained earnings 53783000 Net income 8135000 Dividend (3506000) Change in retained earnings 4629000 Ending retained earnings 58412000

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