On January 1 2020 the Happy Corporation had a credit balance in the retained earnings account of $1,000,000. During 2020 the following occurred: 1. Net income for the year was $500,000. 2. It was discovered the 2019 net income was understated by $100,000. 3. The following dividends were declared: On preferred stock.. $ 120,000 On common stock: Cash dividends.. 20,000(only 15,000 paid in 2021) Stock dividends. 60,000 Instructions: On the worksheet provided, prepare a retained earnings statement in good form.

On January 1 2020 the Happy Corporation had a credit balance in the retained earnings account of $1,000,000. During 2020 the following occurred: 1. Net income for the year was $500,000. 2. It was discovered the 2019 net income was understated by $100,000. 3. The following dividends were declared: On preferred stock.. $ 120,000 On common stock: Cash dividends.. 20,000(only 15,000 paid in 2021) Stock dividends. 60,000 Instructions: On the worksheet provided, prepare a retained earnings statement in good form.

Name: **Instructions:** On the worksheet provided, prepare a retained earn
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Description: **Instructions:** On the worksheet provided, prepare a retained earnings statement in good form.---On January 1, 2020, the Happy Corporation had a credit balance in the retained earnings account of $1,900,000. During 2020, the following occurred:1.

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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