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Prepare a retained earnings statement for the year

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Reference no: EM132046211

Question - On January 1, 2017, Zuniga Corporation had retained earnings of $550,000. During the year, Zuniga had the following selected transactions.

1. Declared cash dividends $140,000.

2. Corrected overstatement of 2016 net income because of depreciation error $50,000.

3. Earned net income $350,000.

4. Declared stock dividends $60,000.

Instructions - Prepare a retained earnings statement for the year.

Reference no: EM132046211

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