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Introduction to financial accounting 2

Destion completion Status Ven 10 3 points The Retained Earnings for ABC Corporation at January 1, 2020 were $232,500. The corporation had 30,000 shares of common stock outstanding during the year 2020. During the year the following transactions occurred: The company discovered that it had mistakenly recorded the depreciation expense for 2019 as $23,000 while the correct amount 8 Declared and paid a cash dividend of $ 1.20 per share. Declared and distributed a 5% stock dividend when the market price was 512 per share. D. Earned a net income of $ 160,000. Complete the below Retained Earnings Statement by filling up the 8 blanks from the dropdown list. ABC Corporation Retained Earnings Statement For the Year Ended December 31, 2020 Balance at January 1, as reported $ 232,500 Correction of understatement of net income Balance at January 1, as adjusted Add: Minutes. 01 second Question completion Status Complete the below Retained Earnings Statement by filling up the blanks from the dropdown list. ABC Corporation Retained Earnings Statement For the Year Ended December 31, 2020 Balance at January 1, as reported $ 232.500 Correction of understatement of net income Balance at January 1, as adjusted Add: Net Income Less: Cash Dividends Stock dividends Balance at December 31, 2017

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