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At January 1,2020, Headland Company reported retained earnings of $2,026,000. In 2020, Headland discovered that 2019 depreciation expense was understated by $405,200. In 2020, net
At January 1,2020, Headland Company reported retained earnings of $2,026,000. In 2020, Headland discovered that 2019 depreciation expense was understated by $405,200. In 2020, net income was $985,000 and dividends declared were $225,000. The taxrate is 20%. Prepare a 2020 retained earnings statement for Headland Company
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