Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net...
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Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax Dividends declared Net income Retained earnings, 1/1/14, as reported $ 430,000 320,000 1,000,000 4,000,000 Leonard should report retained earnings, 12/31/14, at a. $3,570,000. b. $4,250,000. c. $4,680,000. d. $5,110,000. Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in prior years, net of tax Dividends declared Net income Retained earnings, 1/1/14, as reported $ 430,000 320,000 1,000,000 4,000,000 Leonard should report retained earnings, 12/31/14, at a. $3,570,000. b. $4,250,000. c. $4,680,000. d. $5,110,000.
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Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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