Acc280 Financial Accounting: E12-17 On January 1, 2008, Castle Corporation

Acc280 Financial Accounting E12-17 On January 1, 2008, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions. 1. Declared cash dividends $120,000. 2. Corrected overstatement of 2007 net income because of depreciation error $30,000. 3. Earned net income $350,000. 4. Declared stock dividends $80,000. Instructions Complete the retained earnings statement for the year. (Enter all amounts as positive and subtract where necessary. List multiple entries from largest to smallest eg 10, 5, 3, 2.)
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