2 3 Declared and paid cash dividends $122.000. Corrected overstatement of 2021 het income because of inventory error $41,000. Earned net income $346.000 Declared and paid stock dividends $61,000 Determine the retained earnings balance at the end of the year Retained earnings Se ty Later Attempts: 0 of 4 used Submit Answer
2 3 Declared and paid cash dividends $122.000. Corrected overstatement of 2021 het income because of inventory error $41,000. Earned net income $346.000 Declared and paid stock dividends $61,000 Determine the retained earnings balance at the end of the year Retained earnings Se ty Later Attempts: 0 of 4 used Submit Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2022, Crane Corporation had retained earnings of $542,000. During the year, Crane had the following selected
transactions.
1
2.
3
4.
Declared and paid cash dividends $122.000.
Corrected overstatement of 2021 het income because of inventory error $41.000.
Earned net income $346.000.
Declared and paid stock dividends $61,000
Determine the retained earnings balance at the end of the year
Retained earnings S
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