Leonard Corporation reports the following information: Correction of overstatement of depreciation expense in...
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Accounting
- Leonard Corporation reports the following information:
Correction of overstatement of depreciation expense
in prior years, net of tax $ 645,000
Dividends declared 480,000
Net income 1,500,000
Retained earnings, 1/1/20, as reported 6,000,000
Leonard should report retained earnings, 12/31/20, at
$5,355,000
$7,665,000
$7,020,000
$6,375,000
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You can see the logs in the Dashboard.