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Prepare a statement of retained earnings for the year

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Reference no: EM133085630

Question - On January 1, 2021, Cullumber Corporation had retained earnings of $670,000. During the year, Cullumber had the following selected transactions:

1. Declared and paid cash dividends, $254,000.

2. Earned profit before income tax, $840,000.

3. Corrected a prior period error of $93,000, before income tax, which resulted in an understatement of profit in 2020.

4. Reacquired 23,000 common shares for $53,000 more than the original issue price. This was the first time the company had ever reacquired its own shares.

5. Completed a 3-for-1 stock split of the common shares.

Cullumber has a 25% income tax rate and reports under ASPE.

Required - Prepare a statement of retained earnings for the year ended December 31, 2021.

Reference no: EM133085630

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