Oakwood Inc. is a public enterprise whose shares are traded in the over-the-counter market. At December 31, 2018, Oakwood had 6,000,000 authorized shares of $10 par value common stock, of which 2,000,000 shares were issued and outstanding. The shareholders’ equity accounts at December 31, 2018, had the following balances:
Transactions during 2019 and other information relating to the shareholders’ equity accounts were as follows:
Required:
1. Prepare a statement of retained earnings for Oakwood for the year ended December 31, 2019. Assume that only single-period financial statements for 2019 are presented.
2. Prepare the shareholders’ equity section of Oakwood’s balance sheet at December 31, 2019.
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