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Prepare a statement of retained earnings for the year ended

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Reference no: EM133118829

Question - Presented below is information which relates to Crane Ltd., a Canadian private company.

Net loss $121,000

Retained earnings, January 1, 2020 341,000

Cash dividends declared on common shares 57,000

Understatement of net income resulting from 2019 inventory error (pre-tax) 82,000

Required - Prepare in good form, a statement of retained earnings for the year ended December 31, 2020. The tax rate is 15%.

Reference no: EM133118829

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