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Prepare retained earning statement for cullumber corporation

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Reference no: EM132709190

Question - Cullumber Corporation is a private company in Canada following ASPE. On December 31, 2019, the company had reported $2,950,000 in retained earnings on its financial statements. During the year, Cullumber had net income of $730,000 and declared cash dividends of $140,000. Also, during the year, Cullumber made a retrospective change in accounting policy by applying a new inventory costing method. The change improved prior years' net income by $90,000, before income taxes (tax rate is 30%).

Required - Prepare 2020 retained earnings statement for Cullumber Corporation.

Reference no: EM132709190

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