Question: Annie May Bakery Inc reported a prior period adjustment in 2014
Annie May Bakery, Inc. reported a prior-period adjustment in 2014. An accounting error caused net income of prior years to be overstated by $ 10,000. Retained Earnings at December 31, 2013, as previously reported, was $ 47,000. Net income for 2014 was $ 71,000, and dividends declared were $ 29,000. Prepare the company’s statement of retained earnings for the year ended December 31, 2014.
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