Question: Using the information from BE4.9, prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $80,000

Using the information from BE4.9, prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $80,000 (net of tax) was charged to maintenance and repairs expense in 2020.

BE4.9

Portman Corporation has retained earnings of $675,000 at January 1, 2020. Net income during 2020 was $1,400,000, and cash dividends declared and paid during 2020 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2020.

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