Please fill in the missing amount and explain the formula you used. The more detailed explanation of the process is appreciated.1) Revenue for 2008 $8,000Dividends Declared $1,000Expenses for 2008 $3,000January 1 RE Balance $5,000December 31 RE Balance ?2) Revenues for 2008 $3,000Dividends declared in 2008 $2,000Expenses for 2008 $1,000January 1 retained earnings balance ?December 31 RE balance $6,0003) Revenues for 2008 $5,000Dividends declared in 2008 ?Expenses for 2008 $4,000January 1 RE balance $8,000December 31 RE balance $3,0004) Revenues for 2008 $6,000Dividends declared for 2008 $0Expenses for 2008 ?January 1 RE balance $12,000December 31 RE balance $8,0005) Revenues for 2008 ?Dividends declared in 2008 $3,000Expenses for 2008 $6,000January 1 RE balance $8,000December 31 RE balance $9,000

Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 23E: The following data (in millions) are taken from the financial statements of Target Corporation: a....
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Please fill in the missing amount and explain the formula you used. The more detailed explanation of the process is appreciated.

1) Revenue for 2008 $8,000
Dividends Declared $1,000
Expenses for 2008 $3,000
January 1 RE Balance $5,000
December 31 RE Balance ?
2) Revenues for 2008 $3,000
Dividends declared in 2008 $2,000
Expenses for 2008 $1,000
January 1 retained earnings balance ?
December 31 RE balance $6,000
3) Revenues for 2008 $5,000
Dividends declared in 2008 ?
Expenses for 2008 $4,000
January 1 RE balance $8,000
December 31 RE balance $3,000
4) Revenues for 2008 $6,000
Dividends declared for 2008 $0
Expenses for 2008 ?
January 1 RE balance $12,000
December 31 RE balance $8,000
5) Revenues for 2008 ?
Dividends declared in 2008 $3,000
Expenses for 2008 $6,000
January 1 RE balance $8,000
December 31 RE balance $9,000

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