On January 1 2014 Eddy Corporation had retained earnings of
On January 1, 2014, Eddy Corporation had retained earnings of $650,000. During the year, Eddy had the following selected transactions.
1. Declared cash dividends $120,000.
2. Corrected overstatement of 2013 net income because of depreciation error $40,000.
3. Earned net income $350,000.
4. Declared stock dividends $90,000.

Instructions1
Prepare a retained earnings statement for the year.

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