Oak Research Inc. (ORI) ended 2016 with Retained Earnings of $37,500. During 2017 ORI earned net income

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Oak Research Inc. (ORI) ended 2016 with Retained Earnings of $37,500. During 2017 ORI earned net income of $40,000 and declared dividends of $15,000. Also during 2017 ORI got a $12,000 tax refund from the Canada Revenue Agency. A tax audit revealed that ORI paid too much income tax in 2015 in error.
Prepare ORI's statement of retained earnings for the year ended December 31, 2017, to report the correction of the prior period error.
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Horngrens Accounting

ISBN: 978-0133855388

10th Canadian edition Volume 2

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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