Reference no: EM132523008
Newland Company reported retained earnings at December 31, 2016, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2017.
The following transactions occurred during 2017.
1. An error was discovered. In 2015, depreciation expense was recorded at $70,000, but the correct amount was $50,000.
2. A cash dividend of $0.50 per share was declared and paid.
3. A 5% stock dividend was declared and distributed when the market price per share was $15 per share.
4. Net income was $285,000.
Instructions
Question 1: Prepare retained earnings statement for 2017.
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: Prepare retained earnings statement for 2017. Newland Company reported retained earnings at December 31, 2016, of $310,000. Newland had 200,000 shares.
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