The balance in retained earnings on january 1 2017 for, Financial Accounting

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The balance in retained earnings on january 1 2017 for

Prepare a retained earnings statement.

The balance in retained earnings on January 1, 2017, for Palmer Inc. was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In addition, the company determined that it had understated its insurance expense in prior years by $50,000. Net income for 2017 was $120,000. Prepare the retained earnings statement for 2017.

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Financial Accounting: The balance in retained earnings on january 1 2017 for

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