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Prepare retained earnings statement for Bridgeport Company

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Reference no: EM132449973

Problem - At January 1, 2017, Bridgeport Company reported retained earnings of $2,181,000. In 2017, Bridgeport discovered that 2016 depreciation expense was understated by $435,000. In 2017, net income was $854,000 and dividends declared were $241,000. The tax rate is 40%.

Prepare a 2017 retained earnings statement for Bridgeport Company.

Reference no: EM132449973

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