Question: Use the information in BE4-17 to prepare a statement of retained earnings for Global Corporation, assuming that in 2017, Global discovered that it had overstated

Use the information in BE4-17 to prepare a statement of retained earnings for Global Corporation, assuming that in 2017, Global discovered that it had overstated 2014 depreciation by $40,000 (net of tax).

In BE4-17

Global Corporation prepares financial statements in accordance with ASPE. At January 1, 2017, the company had retained earnings of $1,038,000. In 2017, net income was $335,000, and cash dividends of $70,000 were declared and paid. Prepare a 2017 statement of retained earnings for Global Corporation.

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