Question: Instructions Prepare the correcting entries at December 31 . E14.8 (Lo 2) On January 1, 2020, Eddy Corporation had retained earnings of $610,000. During the

Instructions Prepare the correcting entries at December 31 . E14.8 (Lo 2) On January 1, 2020, Eddy Corporation had retained earnings of $610,000. During the year, Eddy had the following selected transactions. 1. Declared cash dividends $120,000. 2. Corrected overstatement of 2019 net income because of inventory error $40,000. 3. Earned net income $350,000. 4. Declared stock dividends $90,000

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