Question: Bindra Company A.S. reported retained earnings at December 31, 2016, of 340,000. Bindra had 200,000 ordinary shares outstanding at January 1, 2017. The following transactions

Bindra Company A.S¸. reported retained earnings at December 31, 2016, of 340,000. Bindra had 200,000 ordinary shares outstanding at January 1, 2017. The following transactions occurred during 2017.

1. An error was discovered: in 2015, depreciation expense was recorded at 66,000, but the correct amount was 50,000.

2. A cash dividend of 0.50 per share was declared and paid.

3. A 5% share dividend was declared and distributed when the market price per share was 14 per share.

4. Net income was 285,000.

Instructions

Prepare a retained earnings statement for 2017.

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