Reference no: EM133085595
Question - TMC Company reported net income of P700,000 for 2020. The entity declared and paid dividend of P150,000 in 2020.
In the financial statements for the year ended December 31, 2019, the entity reported retained earnings of P1,100,000 on January 1, 2019 The net income for 2019 was P600,000 and the entity declared and paid dividend of P300,000 in 2019.
In 2020, after the 2019 financial statements were approved for issue, the entity discovered an error in the December 31, 2018 financial statements. The net effect of the error was a P650,000 overstatement of net income for the year ended December 31, 2018 due to underdepreciation.
What amount should be reported as retained earnings on December 31, 2020?
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