Question

The balance in retained earnings on January 1, 2015, for Palmer Inc. was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In addition, the company determined that it had understated its depreciation expense in prior years by $50,000. Net income for 2015 was $120,000.
Prepare the retained earnings statement for 2015.



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  • CreatedFebruary 17, 2014
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