Question: Susan May Bakery Inc reported a prior period adjustment in 2016
Susan May Bakery, Inc. reported a prior-period adjustment in 2016. An accounting error caused net income of prior years to be overstated by $4,000. Retained Earnings at December 31, 2015, as previously reported, was $42,000. Net income for 2016 was $79,000, and dividends declared were $20,000. Prepare the company’s statement of retained earnings for the year ended December 31, 2016.
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