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How do prepare a statement of retained earnings

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Reference no: EM132606019

On July 9, 2021, Sheridan Enterprises Inc. discovered it had recorded the $70,000 purchase of land as legal expense on November 8, 2020. The company had reported retained earnings of $533,500 at its previous year end, December 31, 2020.

During 2021, Sheridan had profit of $179,000 and it declared and paid cash dividends of $201,000. Sheridan has a 25% income tax rate.

Question 1: Prepare the journal entry to correct the error?

Question 2: a statement of retained earnings?

Reference no: EM132606019

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