Current Attempt in Progress Presented below is information related to Ivan Calderon Corp. for the...
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Current Attempt in Progress Presented below is information related to Ivan Calderon Corp. for the year 2020. Net sales $1,300,000 Write-off of inventory due to obsolescence $80,000 Cost of goods sold 780,000 Depreciation expense omitted by accident in 2019 55,000 Selling expenses 65,000 Casualty loss 50,000 Administrative expenses 48,000 Cash dividends declared 45,000 Dividend revenue 20,000 Retained earnings at December 31, 2019 980,000 Interest revenue 7,000 Effective tax rate of 20% on all items Retained Earnings Statement For the Year Ended December 31, 2020 Retained Earnings, December 31 $ 980000 Correction for Overstatement of Net Income in Prior Period Less v: Retained Earnings, January 1, as adjusted (44000) $
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