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Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended...

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended December 31, 20Y3:

Retained earnings, January 1, 20Y3 $64,083,000
Net income 7,373,000
Cash dividends declared 967,000
Stock dividends declared 2,783,000

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

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Answer #1
  • Requirement, as asked

Retained Earning Statement

For the year ended Dec 31, 20Y3

Retained earnings, Jan 1 20Y3

$               64,083,000

Net Income

$                  7,373,000

Dividends [967000 + 2783000]

$                (3,750,000)

Increase in Retained earnings

$                  3,623,000

Retained earnings, Dec 31 20Y3

$               67,706,000

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