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Question - Change in Accounting Policy - Hannam Co. decided to change from the declining-balance method of depreciation to the straight-line method effective 1 January 20X7. The following information was provided:
Year
Net Income as Reported
Excess of Declining-Balance Depreciation over straight- Line Depreciation
20X3*
$(29,100)
$4,200
20X4
28,700
12,600
20X5
18,200
10,500
20X6
42,500
5,900
*First year of operations.
The company has a 31 December year-end. The tax rate is 20%. No dividends were declared until 20X7; $19,600 of dividends were declared and paid in December 20X7. Income for 20X7, calculated using the new accounting policy, was $103,200.
Required - Assuming that the change in policy was implemented retrospectively, present the retained earnings reconciliation that would appear in Hannam's 20X7 statements of changes in equity.
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