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At January 1, 2020, Bramble Corp. reported retained earnings of $2.1 million. In 2020, Bramble discovered that 2019 depreciation expense was understated in error by

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At January 1, 2020, Bramble Corp. reported retained earnings of $2.1 million. In 2020, Bramble discovered that 2019 depreciation expense was understated in error by $415,000. In 2020, net income was $807,000 and dividends declared were $200,000. The tax rate is 25%. Bramble follows ASPE, and the deferred taxes method of accounting for income taxes. (a) Prepare a 2020 statement of retained earnings for Bramble Corp. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) BRAMBLE CORPORATION Statement of Retained Earnings Correction of depreciation error, (net of tax of $ $

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