• Complete the module readings in Weygandt, et al., 2018 (chapters 13 and 14) and videos #1 to 4, Module 3: "Stockholder's Equity - Part III" to answer the following questions:
• The Newland Company corporation reported retained earnings as of December 31, 2016 of US$310,000. Newland Co. had 200,000 common shares issued at the beginning of 2017.
• The following transactions occurred during 2017:
  • An error was discovered. In 2015, the depreciation expense was recorded at US$70,000 but the correct amount was US$50,000.
  • A cash dividend of US$0.50 per share was declared and paid.
  • A dividend of 5% per share was declared and distributed when the market price per share was US$15.00.
  • Net income was US $285,000.
• Prepare the Statement of Retained Earnings for 2017.
• Prepare the shareholders' equity section.

Answer rating: 100% (QA)

Statement of Retained Earnings for 2017 Newland Company Statement of Retained Earnings For the Year Ended December 31 2017 Description Amount USD Reta... View the full answer