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In its December 31, 2019 financial statements, Vaughn Ltd. reported retained earnings of $520,000. During 2020, Vaughn reported net income after tax of $74,800 and paid dividends of $5,000. Also, during 2020, Vaughn discovered that rent expense in 2019 was understated by $19,300. Rent expense was recorded properly for 2020. Vaughn was subject to a 20% income tax rate for all affected years. Assuming that Vaughn reports under ASPE, prepare the December 31, 2020 statement of retained earnings.
Question 1: Make statement of retained earnings for the year ended Dec 31,2020.
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