Foley Electronics has retained earnings of HK$3,100,000 on January 1, 2020. During the year, Foley earned HK$1,200,000

Question:

Foley Electronics has retained earnings of HK$3,100,000 on January 1, 2020.

During the year, Foley earned HK$1,200,000 of net income (amounts in thousands). It declared and paid a HK$150,000 cash dividend. In 2020, Foley recorded an adjustment of HK$75,000 due to the overstatement (from mathematical error) of 2019 depreciation expense. Prepare a retained earnings statement for 2020.

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