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answer pls On January 1, 2024, Carla Vista Corporation had retained earnings of $670,000. During the year, Carla Vista had the following selected transactions: 1.
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On January 1, 2024, Carla Vista Corporation had retained earnings of $670,000. During the year, Carla Vista had the following selected transactions: 1. Declared and paid cash dividends, $269,000. 2. Earned profit before income tax, $770,000. 3. Corrected a prior period error oi\$94,000, before income tax, which resulted in an understatement of profit in 2023. 4. Reacquired 24,000 common shares for $59,000 more than the original issue price. This was the first time the company had ever reacquired its own shares. 5. Completed a 3-for-1 stock split of the common shares. Carla Vista has a 25% income tax rate and reports under ASPE. Prepare a statement of retained earnings for the year ended December 31, 2024. (List items that increase adjusted retained earmings first) Step by Step Solution
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