The retained earnings account for Gotfried Corp. shows the following debits and credits. Indicate all entries required
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Balance Date tem Deblt Cr Deblt Credit Jan. Balance (a) Loss from fire (b) Goodwill impairment (c) Stock dividend (d) Loss on sale of equipment (e) Officers compensation related to income of prior periods- 263.200 260.575 234,325 164.325 140,175 26,250 0,000 24,150 accrual overlooked 162.750 ( Loss on rotirement of proferred shares at moro than issuance price35,000 (g Paid-in capital in excess of par (h) Stoc subscription defaults ( Gain on retirement of proferred stock at less than issuance price 0) Gain on early rotiroment of bonds at less than book value ( Gain on life insurance policy settlement () Correction of prior-period error 7,575 64,750 4.235 2.950 7.525 9,500 25.025 7.175 11,410 24,360 31,885 41.385 66.410
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a Fire Loss 2625 Retained Earnings 2625 To report loss from fire on the income statement b Goodwill ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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