Prepare a statement of retained earnings for Skousen Exploration Corporation for the year ending December 31, 20X3.
Skousen Exploration Corporation was formed on January 1, 20X3. The company was formed by Cliff and Chris Skousen with the goal of conducting geophysical support services related to natural gas drilling operations in the Uinta Basin region of eastern Utah. The company’s initial capitalization consisted of shareholder investments of $1,000,000 and an additional bank loan […]