Solved: Foley corporation has retained earnings of 3000000 on, Accounting Basics

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Foley corporation has retained earnings of 3000000 on

Question - Foley Corporation has retained earnings of $3,000,000 on January 1, 2017. During the year, Foley earned $1,300,000 of net income. It declared and paid a $135,000 cash dividend. In 2017, Foley recorded an adjustment of $108,000 due to the overstatement (from mathematical error) of 2016 depreciation expense.

Prepare retained earnings statement for 2017.

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Accounting Basics: Foley corporation has retained earnings of 3000000 on

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