Given the following information, prepare League Products Ltd.s statement of retained earnings for the year ended December
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Given the following information, prepare League Products Ltd.’s statement of retained earnings for the year ended December 31, 2020:
• An inventory error caused net income of the prior year to be overstated by $50,000.
• Retained Earnings at January 1, 2020, as previously reported, stood at $2,408,000.
• Net income for the year ended December 31, 2020, was $448,000.
• Dividends during 2020 were $61,000.
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