Question: PRINTER VERSION 4 BACK NEXT Exercise 14-9 Newland Company reported retained earnings at December 31, 2016, of $301,500. Newland had 193,500 shares of common stock

PRINTER VERSION 4 BACK NEXT Exercise 14-9 Newland Company reported retained

earnings at December 31, 2016, of $301,500. Newland had 193,500 shares of

PRINTER VERSION 4 BACK NEXT Exercise 14-9 Newland Company reported retained earnings at December 31, 2016, of $301,500. Newland had 193,500 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 at $67,000, but the correct amount was $45,500. A cash dividend of $0.40 per share was declared and paid. A 10% stock dividend was declared and distributed when the market price per share was $15 per share. Net income was $280,000. 2. 3 4 Prepare a retained earnings statement for 2017. (List items that increase retained earnings first.) NEWLAND COMPANY Retained Earnings Statement V 4:21 PM PRINTER VERSION

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