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What is the balance of retained earnings on december

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Reference no: EM133137935

Question - While preparing its financial statements for 2016, June Company discovered computational errors in its 2015 and 2014 depreciation expense. These errors resulted in overstatement of each year's income by P25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

 

2015

2014

Retained earnings, January 1

700,000

500,000

Net income

150,000

200,000

Retained earnings, December 31

850,000

700,000

Required - June's net income for the year 2016 is correctly reported at P500,000 and dividends of P100,000 were declared. What is the balance of retained earnings on December 31, 2016?

Reference no: EM133137935

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