Question: At January 1 2010 Beidler Company reported retained earnings o
At January 1, 2010, Beidler Company reported retained earnings of $2,000,000. In 2010, Beidler discovered that 2009 depreciation expense was understated by $400,000. In 2010, net income was $900,000 and dividends declared were $250,000. The tax rate is 40%. Prepare a 2010 retained earnings statement for Beidler Company.
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