Jayleah Company reported retained earnings at December 31, 2011, of $310,000. Jayleah had 200,000 shares of common stock outstanding throughout 2012.
The following transactions occurred during 2012.
1. An error was discovered: in 2010, depreciation expense was recorded at $70,000, but the correct amount was $50,000.
2. A cash dividend of $0.50 per share was declared and paid.
3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share.
4. Net income was $285,000.
Instructions
Prepare a retained earnings statement for 2012.

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October 28, 2011

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