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At January 1,2020. Crane Company reported retained earning of $1,938,000. In 2020, Crane discovered that 2019 depreciation expense was understated by $387,600. In 2020 ,
At January 1,2020. Crane Company reported retained earning of $1,938,000. In 2020, Crane discovered that 2019 depreciation expense was understated by $387,600. In 2020 , net income was $822,000 and dividends declared were $205,000. The tax rate is 20%. Prepare a 2020 retained earnings statement for Crane Company
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