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Prepare a retained earnings statement for 2008

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Vega Casino Corporation has retained earnings of $5,130,000 on January 1, 2008. During the year, Vega earns $2 million of net income. It declares and pays a $250,000 cash dividend. In 2008, Vega records an adjustment of $180,000 owing to the understatement of 2007 depreciation expense from a mathematical error. Prepare a retained earnings statement for 2008.

Reference no: EM13546140

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