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Question - Presented below are the comparative income and retained earnings statements for Carla Inc. for the years 2017 and 2018.
2018
2017
Sales
$306,000
$288,000
Cost of sales
187,000
131,000
Gross profit
119,000
157,000
Expenses
89,100
54,900
Net income
$29,900
$102,100
Retained earnings (Jan. 1)
$144,600
$66,000
29,900
102,100
Dividends
(30,200)
(23,500)
Retained earnings (Dec. 31)
$144,300
The following additional information is provided:
1. In 2018, Carla Inc. decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2017 for $101,500 with an estimated useful life of 4 years and no salvage value. (The 2018 income statement contains depreciation expense of $30,450 on the assets purchased at the beginning of 2017.)
2. In 2018, the company discovered that the ending inventory for 2017 was overstated by $24,900; ending inventory for 2018 is correctly stated.
Prepare the revised retained earnings statement for 2017 and 2018, assuming comparative statements. (Ignore income taxes.).
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