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Question - Union Corp. is a publically listed entity. Presented below is selected information before the bookkeeper closed the book for 2021.
Cash dividends declared on common stock $34000
Net income for 2021 136000
Retained earnings, January 1, 2021 800,000
Additional information: When the bookkeeper did the final check before closing the book, she identified an error related to a machine purchased at the beginning of 2019. The corporation purchased the machine for $54,000 (residual value of $9,000) that has a useful life of six years. The bookkeeper used straight line depreciation for 2019, 2020, and 2021,but failed to deduct the residual value in calculating the depreciable amount. Union Corp. has a 20% tax rate.
Required - Please correct the error and prepare the partial Statement of Changes in Shareholders' Equity to document the change of retained earnings.
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