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Make a statement of retained earnings for the year

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Reference no: EM132615325

Question - On January 1, 2021, Chu Corporation had retained earnings of $422,000. During the year, Chu had the following selected transactions:

1. Declared cash dividends of $100,000.

2. Suffered a loss of $70,000.

3. Corrected understatement of 2020 profit because of an inventory error $45,000. The company has a 30% income tax rate.

Required - Make a statement of retained earnings for the year.

Reference no: EM132615325

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