Prepare the statement of retained earnings for the year

Reference no: EM133416705

Question: The Newland Company Corporation reported retained earnings as of December 31, 2016 of $310,000. Newland Co. had 200,000 common shares issued at the beginning of 2017.

The following transactions occurred during 2017:

An error was discovered. In 2015, the depreciation expense was recorded at US$70,000 but the correct amount was US$50,000.

A cash dividend of US$0.50 per share was declared and paid.

A 5% dividend per share was eliminated and distributed when the market price per share was $15.00.
Net income was $285,000.

Prepare the Statement of Retained Earnings for the year 2017, in table.

Prepare the stockholders' equity section, in table.

Reference no: EM133416705

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