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Blue Spruce Corporation prepares financial statements in accordance with ASPE. At January 1, 2023, theAdd Less : Net Income /(Loss) : Dividends Balance, December 31 ta $ 335000 1358000 50000 i 1308000
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Blue Spruce Corporation prepares financial statements in accordance with ASPE. At January 1, 2023, the company had retained earnings of $1,070,000. In 2023, net income was $335,000, and cash dividends of $50,000 were declared and paid. Prepare a statement of retained earnings for Blue Spruce Corporation, assuming that in 2023, Blue Spruce discovered that it had overstated 2020 depreciation by $47,000 (net of tax of $17,000). (List items that increase retained earnings first after adjusted balance.) Balance, January 1, as reported Blue Spruce Corporation Statement of Retained Earnings For the Year Ended December 31, 2023 Correction for Overstatement of Depreciation in 2023 (Net of Tax of $17,000) Balance, January 1, as adjusted v 1070000 -47000 1023000 Add Less : Net Income /(Loss) : Dividends Balance, December 31 ta $ 335000 1358000 50000 i 1308000

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Intermediate Accounting Volume 1

Intermediate Accounting Volume 1

ISBN: 9781119740469

13th Canadian Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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Question Details
Chapter # 4
Section: Brief Exercises
Problem: 20
Posted Date: September 30, 2023 06:31:30
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