Function: SUM; Formula: Multiply, Subtract; Cell Referencing
Some cells are merged.
Using Excel to Prepare a Statement of Retained Earnings				Student Work Area
PROBLEM		Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated.
On March 1, 2024, Baylee Inc. discovered that the cost of Land purchased in 2023 was erroneously recorded as rent expense. The company's year end is December 31. The company reports under ASPE, prepare a statement of retained earnings. Information from the company's accounting recorded is presented here.
	make a statement of retained earnings under ASPE.
	Cost of land recorded as rent expense	$ 10,000				Baylee Inc.
	Retained earnings reported at December 31, 2023	154,000				Statement of Retained Earnings
	Profit for year ended December 31, 2024	78,000				Year Ended December 31, 2024
	Dividends declared and paid during 2024	35,000
	Income tax rate	20%