$1$

A company reported retained earnings of $$282,000$ at December $31$ of the prior year. Calculate the retained earnings balance at December $31$ of the current year using the following data.

$10$

Net income for the current year is $$38,000.$

points

Cash dividends declared and paid for the current year is $$54,000.$

This year the company discovered a math error from two years ago; to correct for this, $$25,000($net of tax$)$ must be added to the

$02$:$30$:$19$

current year's beginning retained earnings balance.

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