Reference no: EM133140623
Question - Rolt Company began 2019 with a $135,000 balance in retained earnings. During the year, the following events occurred:
1. The company earned net income of $85,000.
2. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $10,360 after related income taxes of $4,440.
3. Cash dividends totaling $10,000 and stock dividends totaling $16,500 were declared.
4. One thousand shares of callable preferred stock that originally had been issued at $110 per share were recalled and retired at the beginning of 2019 for the call price of $120 per share.
5. Treasury stock (common) was acquired at a cost of $15,000. State law requires a restriction of retained earnings in an equal amount. The company reports its retained earnings restrictions in a note to the financial statements.
Required - Prepare a statement of retained earnings for the year ended December 31, 2019.
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