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0. Your answer is partially correct. January 1, 2020, Flint Corp. reported retained earnings of...

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0. Your answer is partially correct. January 1, 2020, Flint Corp. reported retained earnings of $3.2 billion in 2020. Flint discovered that 2019 depreciation expense was understated in error by $497,000. In 2020, net income was $807,000 and dividends declared were $203,000. The tax rate is 25% Flint follows ASPE, and the deferred taxes method of accounting for income taxes. Prepare a 2020 statement of retained earnings for Flint Corp. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) FLINT CORPORATION Statement of Retained Earnings For the Year Ended December 31.2020 $ 3200000 > 4C Car AENG 759 AM 2012-13 Retained Earnings, 1/1/20, as Previously Reported BI W E g re to search U. FLINT CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, 1/1/20, as Previously Reported 3200000 Correction of depreciation error, (net of tax of $ 124250) Retained earnings. 1/1/20, as adjusted 807000 Add V: Net income 203000 Loss Dividends -4C Clear Retained earnings 12/31/20 pe here to search I D g

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