Income before income tax Prior period adjustment: understatement of 20X2 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $31,800 will be paid on Jan. 15, 20X5) Effective tax rate $248,700 $31,800 $35,200 $113,300 Prepare a 20X4 retained earnings statement for Sunland Corporation. 20%

Income before income tax Prior period adjustment: understatement of 20X2 depreciation expense (before taxes) Cumulative decrease in income from change in inventory methods (before taxes) Dividends declared (of this amount, $31,800 will be paid on Jan. 15, 20X5) Effective tax rate $248,700 $31,800 $35,200 $113,300 Prepare a 20X4 retained earnings statement for Sunland Corporation. 20%

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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