Acc280 Financial Accounting: E14-8 On January 1, 2010, Felter Corporation

Acc280 Financial Accounting
E14-8
On January 1, 2010, Felter Corporation had retained earnings of $550,000. During the year, Felter had the following selected transactions.
1. Declared cash dividends $120,000.
2. Corrected overstatement of 2009 net income because of depreciation error $40,000.
3. Earned net income $350,000.
4. Declared stock dividends $60,000.

Instructions
Complete the retained earnings statement for the year. (Enter all amounts as positive and subtract where necessary. List amounts from largest to smallest eg 10, 5, 3, 2.)
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