Foley Corporation has retained earnings of $3,100,000 on January 1, 2014. During the year, Foley earned $1,200,000

Question:

Foley Corporation has retained earnings of $3,100,000 on January 1, 2014. During the year, Foley earned $1,200,000 of net income. It declared and paid a $150,000 cash dividend. In 2014, Foley recorded an adjustment of $110,000 due to the overstatement (from mathematical error) of 2013 depreciation expense. Prepare a retained earnings statement for 2014.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...