Newland Company reported retained earnings at December 31, 2016, of $316,500. Newland had 204,500 shares of...

 

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Newland Company reported retained earnings at December 31, 2016, of $316,500. Newland had 204,500 shares of common stock outstanding at the beginning of 2017. The following transactions occurred during 2017. 1. An error was discovered. In 2015, depreciation expense was recorded $69,500, but the correct amount was $52,000. 2. A cash dividend of $0.55 per share was declared and paid. 3. A 10% stock dividend was declared and distributed when the market price per share was $17 per share. 4, Net Income was $287,000. Prepare a retained earnings statement for 2017. (List items that increase retained earnings first.) NEWLAND COMPANY Retained Earnings Statement Y Y Y $ Newland Company reported retained earnings at December 31, 2016, of $316,500. Newland had 204,500 shares of common stock outstanding at the beginning of 2017. The following transactions occurred during 2017. 1. An error was discovered. In 2015, depreciation expense was recorded $69,500, but the correct amount was $52,000. 2. A cash dividend of $0.55 per share was declared and paid. 3. A 10% stock dividend was declared and distributed when the market price per share was $17 per share. 4, Net Income was $287,000. Prepare a retained earnings statement for 2017. (List items that increase retained earnings first.) NEWLAND COMPANY Retained Earnings Statement Y Y Y $

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Retaied earnings statement for the year ending December 31 2017 Begin... View the full answer