Required:Record the entry in 20X6 to correct the error. (If no entry is required for a transaction/event, select "No Journal entry required"he first account field.)Answer is not complete.NoDateGeneral JournalDebitCredit120X6Accumulated depreciation134,000Deferred income tax liabilityRetained earnings, error correction33,5002. Prepare the comparative retained earnings section of the statement of changes in shareholders' equity for 20X5, reflecting theChange.Answer is not complete.DALIA CORPORATIONRetained Earnings StatementFor the Year Ended 31 December20X620X5Beginning retained earnings, as previously reportedError correction, depreciation, net and tax.Beginning balance restatedEarnings (restated for 20X5)Dividends declaredEnding balance$0$0$069$0 In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $67,000 inboth 20X4 and 20X5 for financial reporting purposes. Net income in 20X6 is correct. The tax rate is 25%. The error was made only forfinancial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will beno change in taxes payable.Additional Information:20X620X5Beginning retained earnings$454,000$430,400Earnings (includes error in 20X5)Dividends declared85,40095,90062,20072,300

Retained earnings refer to the portion of a company's net income that is retained or reinvested in…

20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $67,000 in oth 20X4 and 20X5 for financial reporting purposes. Net income in 20X6 is correct. The tax rate is 25%. The error was made only for inancial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will be o change in taxes payable. Additional information: Beginning retained earnings Earnings (includes error in 20x5) Dividends declared 20X6 $454,000 20X5 $430,400 85,400 95,900 62,200 72,300

20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $67,000 in oth 20X4 and 20X5 for financial reporting purposes. Net income in 20X6 is correct. The tax rate is 25%. The error was made only for inancial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will be o change in taxes payable. Additional information: Beginning retained earnings Earnings (includes error in 20x5) Dividends declared 20X6 $454,000 20X5 $430,400 85,400 95,900 62,200 72,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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i have completed this in excel but would like to compare my answers
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Am. 152.
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