Reference no: EM132987313
Retained Earning StRolt Company began 2016 with a $ 130,000 balance in retained earnings. During the year, the following events occurred.
1) The company earned a net income of $72,000
2) A material error in net income from a previous period was corrected. The error correction increased retained earnings by $ 9,590 after related income taxes of $3300.
3) Cash dividends totaling $13,500 and stock dividends totaling $ 16,000 were declared.
4) One thousand shares of callable preferred stock that originally had been issued at $105 per share were recalled and retired at the beginning of 2016 for the call price of $ 120 per share.
5) Treasury stock (common) was acquired at a cost of $24,000. 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.
Problem 1: Prepare a statement of retained earnings for the year ended December 31, 2016.
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