Question: Foley Corporation has retained earnings of 3 100 000 on January 1
Foley Corporation has retained earnings of $3,100,000 on January 1, 2017. During the year, Foley earned $1,200,000 of net income. It declared and paid a $150,000 cash dividend. In 2017, Foley recorded an adjustment of $110,000 due to the overstatement (from mathematical error) of 2016 depreciation expense. Prepare a retained earnings statement for 2017.
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