Acc280 Financial Accounting: BE14-5 The balance in retained earnings on January 1, 2010

Acc280 Financial Accounting

BE14-5
The balance in retained earnings on January 1, 2010, for Persinger Inc, was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In addition, the company determined that it had understated its depreciation expense in prior years by $50,000. Net income for 2010 was $120,000. Complete the retained earnings statement for 2010. (Enter all amounts as positive and subtract where necessary. List amounts from largest to smallest eg 10, 5, 3, 2.)
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