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PONBallfordM89
26.02.2020 •
Business
Moorman Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax $1,290,000; Dividends declared $960,000; Net income $3,000,000; Retained earnings, 1/1/20, as reported $6,000,000. How much retained earnings should Moorman report at 12/31/
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Ответ:
Retained Earning at 12/31 will be $6,750,000.
Explanation:
Retained earnings, 1/1/20 $6,000,000
Understatement of depreciation expense $1,290,000
Dividends declared $960,000
Net income $3,000,000
Retained Earning at 12/31 = Retained earnings, 1/1/20 - Understatement of depreciation expense - Dividends declared + Net Income for the year
Retained Earning at 12/31 = $6,000,000 - $1,290,000 - $960,000 + $3,000,000
Retained Earning at 12/31 = $6,750,000
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