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Question - The Holiday Corporation, a private company, began operations on January 1, 2011. During its first three years of operations, Holiday reported net income and declared dividends as follows:
Net Income
Dividends declared
2011
$58,000
$0
2012
135,000
29,000
2013
165,000
44,000
The following information is for 2014:
Income before income tax
$320,000
Prior period adjustment: understatement of 2011 depreciation expense (before tax)
60,000
Cumulative increase in prior years' income from change in inventory method (before tax)
40,000
Dividends declared (of this amount, $22,000 will be paid on January 15, 2015)
88,000
Effective tax rate
25%
Prepare a 2014 statement of retained earnings for Holiday Corporation. The company follows ASPE.
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