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3. Gindin Co. had retained earnings of $1,090,000 on Jan. 1, 20X8. The company had the following transactions during the year: (1) Declared cash dividends
3. Gindin Co. had retained earnings of $1,090,000 on Jan. 1, 20X8. The company had the following transactions during the year: (1) Declared cash dividends $240,000. (2) Found that depreciation expense of $30,000 had not been recorded in 20X7. (3) Net income in 20X8 was $620,000. (4) Declared stock dividends $120,000. Prepare the statement of retained earnings for 20X8. (10 points)
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