Question: Using the information from BE5-9, prepare a retained earnings statement for the year ended December 31, 2008. Assume an error was discovered: land costing $80,000

Using the information from BE5-9, prepare a retained earnings statement for the year ended December 31, 2008. Assume an error was discovered: land costing $80,000 (net of tax) was charged to repairs expense in 2005.

BE5-9

Lincoln Corporation has retained earnings of $675,000 at January 1, 2008. Net income during 2008 was $2,400,000, and cash dividends declared and paid during 2008 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2008.

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