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How much retained earnings would be shown on december

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Reference no: EM132631263

The following pre-tax amounts pertain to Brook Corporation for the year ended December 31, 2017:

Sales                                              P400,000

Selling and administrative expenses           84,000

Other income                                          40,000

Interest expense                                       4,000

Cost of goods sold                                   280,000

Correction of prior period error - credit          16,000

Discontinued operations - credit                      40,000

Cumulative effect of change in accounting policy - debit 24,000

Retained earnings, January 1, 2017 (not restated)    1,600,000

Dividends declared                                          12,000

Income tax rate                                                35%

Problem 1: How much retained earnings would be shown on December 31, 2017 balance sheet?

Reference no: EM132631263

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