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At January 1,2017, Marin Company reported retained earnings of...

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Accounting

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At January 1,2017, Marin Company reported retained earnings of $ 1,943,000. In 2017, Marin discovered that 2016 depreciation expense was understated by $ 4 14,000. In 2017, net income was $ 943,000 and dividends declared were $ 265,000. The tax rate is 40%. Prepare a 2017 retained earnings statement for Marin Company. MARIN COMPANY Retained Earnings Statement For the Year Ended December 31,2017 Retained Earnings, January 1 Less Correction of Depreciation Error Retained Earnings, January 1, as adjusted Add | | | Net Income Less Dividends Retained Earnings, December 31 1,943,000 943,000 265,000

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