2.Newland Company reported retained earnings at December 31, 2018, of $350,000. The following transactions occurred...
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2.Newland Company reported retained earnings at December 31, 2018, of $350,000. The following transactions occurred during 2019.
An error was discovered. In 2017, depreciation expense was recorded at $45,000, but the correct amount was $25,000.
Declared cash dividends $100,000.
Declared stock dividends $70,000.
Net income was $450,000.
c- The amount of retained earning reported in Dec 31, 2019 is:
a.
$470,000
b.
$955,000
c.
$905,000
CLEAR MY CHOICE
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